PRINT THIS PAGE Pan-European CVC closes 6bn European fund29/07/2005. Source: AltAssets. 
 Pan-European buy-out firm CVC Capital Partners has held a first and final closing of CVC European Equity Partners IV, on 6bn. This fund not only adds to a growing list of mega buy-out funds raised globally this year but also sets a new record as the largest European private equity fund ever raised.
CVC European Equity Partners IV will seek to invest in companies across Europe.
Investors in CVC European Equity Partners IV include both international institutional investors and high net worth individuals. Particularly strong demand came from new and existing European investors, CVC said in a statement.
Michael Smith, chairman of CVC, said, 'The significant demand from both existing limited partners as well as new investors reflects the solid investor confidence in CVC and a recognition of our strong performance record and competitive strength in Europe; as well as the increasing recognition of private equity as an asset class.'
'The continuing challenge will be to identify attractive deals early on and then develop sustainable, long-term value in close partnership with management teams. Our track record combined with the extensive experience and resources that we can bring to bear, mean that CVC will continue to play a significant role in the continued restructuring and strengthening of European business,' Smith added.
CVC targets mid to large-sized companies. Founded in 1981 as Citicorp's European private equity arm, the firm completed its own management buy-out in 1993. CVC has offices in Amsterdam, Brussels, Copenhagen, Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris, Stockholm and Zόrich.
CVC closed CVC European Equity Partners III on 4.7bn in 2001. Earlier this year the firm closed its latest Asian fund, CVC Capital Partners Asia Pacific II, with commitments of 1.53bn.
Firms that have raised mega funds recently or are raising them at the moment include Apax, Apollo, BC Partners, Blackstone, Carlyle, Goldman Sachs, TH Lee and Warburg Pincus.
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