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Private equity group CVC Capital Partners revives listing plans

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One of Europe’s biggest buyout groups, CVC Capital Partners, has revived plans for a multibillion-euro stock market listing that could come before the end of the year, according to people familiar with the matter.

The secretive firm, which owns the maker of PG Tips tea and has made major bets on rugby and Formula One, pushed back a planned listing last year as markets plummeted following Russia’s invasion of Ukraine.

But a rebound in markets and the firm’s raising of a record €26bn buyout fund last month have made conditions look more favourable, the people said. However, they cautioned that no final decision has been taken and the plan could still change.

An IPO would mark a crucial test of investors’ confidence in the private equity industry given that the era of ultra-low interest rates that propelled its rise has ended. CVC was valued at about €15bn when it agreed to sell a minority stake to Blue Owl’s Dyal Capital unit in 2021.

Private equity groups Bridgepoint, TPG and Antin Infrastructure Partners all went public in recent years during the industry’s boom, when cheap debt and lofty valuations for portfolio companies helped drive its revenues higher. But as rates rise and economic growth slows, shares in some of CVC’s listed rivals have fallen.

Going public is central to CVC’s ambitions to expand beyond its roots as a pioneer of highly leveraged corporate takeovers in Europe to become a large financial institution managing a wider range of assets.

Many of its Wall Street rivals, such as Blackstone and Apollo, now oversee sprawling empires where leveraged buyouts are not always their largest business.

Led by managing partner Rob Lucas, CVC has 25 offices around the world and manages €140bn in assets, according to its website. It has already expanded in private credit, and in 2021…

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