CVC credit assets jump 55pc as Marathon acquisition boosts growth
CVC Capital Partners has reported a 55 per cent year-on-year increase in fee-paying assets under management (FPAUM) across its credit business, driven by continued deployment and the acquisition of Marathon Asset Management.
The alternative asset manager said credit FPAUM increased by €24bn (approximately £20bn) in the year to September 2026, reflecting the first-time inclusion of Marathon, alongside organic growth.
Across the group, FPAUM rose by 24 per cent year on year to €177bn, including 11 per cent organic growth excluding Marathon. Credit, secondaries and infrastructure now account for €105bn, or 60 per cent of total group FPAUM, reflecting CVC’s continued diversification beyond private equity.
In its third-quarter activity update, CVC also reported strong initial investor interest in its fifth European direct lending fund, EUDL V.
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Meanwhile, Marathon is actively fundraising for its fourth asset-based lending fund, ABL IV, and third MOC fund, MOC III. The firm’s credit secondaries strategy has secured more than €500m in commitments as fundraising continues.
CVC also highlighted continued growth in its private wealth business, with the aggregate value of its five evergreen vehicles reaching €8.2bn, approximately three times the level recorded a year earlier.
Meanwhile, the firm’s secondaries business closed its sixth Strategic Opportunities Fund (SOF VI) at $10bn, exceeding its original $7bn target.
Insurance investors accounted for 30 per cent of commitments to the fund, as CVC continued to expand its relationships with institutional investors.
The group also highlighted its strategic partnership with Standard Life, signed in August, to establish a pension risk transfer platform focused on large UK corporate pension schemes.
Across the wider business, CVC recorded €28.8bn of deployment over the 12 months to September 2026, up 26 per cent year on year. Realisations reached €23.1bn over the same period, an increase of 31 per cent.
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