Twitter LinkedIn
    Wednesday, July 6
    Login
    0 Shopping Cart
    Twitter LinkedIn
    Private Equity InsiderPrivate Equity Insider
    • About Us
    • Digital Events
    • Our Network
      • Reach
      • Sponsors
      • Members
    Private Equity InsiderPrivate Equity Insider
    Home»Private Equity Deals & Transactions»CVC to Buy $8 Billion Asset Manager Glendower in Strategy Shift
    Private Equity Deals & Transactions

    CVC to Buy $8 Billion Asset Manager Glendower in Strategy Shift

    September 13, 20212 Mins Read
    LinkedIn Facebook Twitter Email WhatsApp
    Share
    LinkedIn Facebook Twitter Email WhatsApp

    CVC Capital Partners agreed to acquire secondary buyout specialist Glendower Capital in a deal that will provide one of the most prominent buyout firms with a new strategy to lure investors.  CVC and Glendower will combine to create an alternative asset manager with 113 billion euros ($133 billion) under management, according to a statement on Monday. Neither party disclosed financial details of the transaction.

    Glendower management won’t cash out and will continue to lead the business independently under Glendower’s name. Bloomberg reported about the potential deal earlier this year.  “When CVC approached us initially about the transaction, we wanted to remain independent,” Carlo Pirzio-Biroli, Glendower’s managing partner and chief executive officer, said in an interview. “After engaging in the discussion, we had a hard time figuring out why not to do the transaction.”

    The rapid growth of the secondaries market exceeded the firm’s expectations, Pirzio-Biroli said, adding that being part of CVC will help Glendower accelerate its expansion and further institutionalize the business. For CVC, the deal will allow it to offer investors faster returns because the holding periods for secondaries are shorter than for buyouts.

    London-based Glendower manages about $8 billion and uses this money to buy existing portfolios of private equity fund holdings. The secondaries market has evolved in recent decades as a way for buyout firms and their investors to rebalance allocations and draw on cash when needed. Secondaries deals valued at a record $48 billion were struck in the first half of the year, according to a July report from Jefferies Financial Group Inc.

    Read more/Source: BNN Bloomberg

    Related

    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

    Private Equity Deals & Transactions
    Share. LinkedIn Facebook Twitter Email WhatsApp

    Related Posts

    Da Vinci Capital signs deal with tech expert

    October 19, 2021

    Stamford-based private equity firm Olympus sells pet-products company for nearly $700M

    September 18, 2021

    Citrix considering sale after stock tumble

    September 16, 2021

    KKR terminates talks regarding potential takeover with Zooplus

    September 15, 2021

    Comments are closed.

    Other Articles

    Serbian billionaire-backed Sport Republic buys Southampton in £100m deal

    January 5, 2022

    Korea’s $200bn wealth fund is betting on the metaverse and AI startups

    February 14, 2022

    Equistone acquires Vertbaudet from Alpha Private Equity

    July 26, 2021

    Nubank debuts with $52 bln market cap, becomes Brazil’s third most valuable public firm

    December 12, 2021

    Private Equity Insider LLC
    1212 Avenue of the Americas
    New York City 10036
    USA

    [email protected]

    Twitter LinkedIn
    © 2022 Private Equity Insider LLC. All rights reserved.
    • About
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    View Cart Checkout Continue Shopping

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?