Sep 13, 2021 - Economy

CVC buys private equity firm Glendower Capital

Shopping basket with design of U.K. flag

Illustration: Sarah Grillo/Axios

CVC Capital Partners agreed to buy Glendower Capital, a London-based private equity secondaries firm that manages around €8 billion in capital commitments.

Why it matters: This highlights a major consolidation push in the private equity secondaries market, with at least five announced deals so far in 2021.

Details: Glendower spun out of Deutsche Asset Management in 2017, and has been raising $3.5 billion for its fifth fund. It invests both in LP fund portfolios and GP-led transactions, and will continue to operate independently under the Glendower name.

The bottom line: CVC adds AUM and diversification that could be helpful were it to eventually follow the IPO path of British buyout peers Bridgepoint and EQT.

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