CVC Capital Partners Exceeds Half-Year Profit Targets Amid Fundraising Surge
Strong Financial Performance and Fundraising Momentum
Half-Year Profit Surpasses Expectations
July 30 (Reuters) - Private equity firm CVC Capital Partners beat market expectations for its half-year net profit on Thursday, boosted by growth in fundraising and a rise in fee-paying assets under management.
The Amsterdam-listed asset manager exceeded market expectations across all its key metrics, ending the first half of the year with €434 million ($497 million) of adjusted profit after tax, against 407 million forecasted by analysts polled by the company.
Dividend Increase Reflects Robust Results
• The company said it was planning to pay out €275 million, or 26 euro cents per share, in interim dividend, marking a 12% yearly rise.
Growth in Assets Under Management
• The company's fee-paying assets under management grew 9% year-on-year to €153 billion, driven by steady fundraising momentum across all of its funds.
Record Realisations and Investor Returns
• It said that it reached "another record" for realisations, which refers to converting an investment into cash either by sale or an exit, as it managed to return nearly €24 billion to investors in the last twelve months ending on June 30.
Exchange Rate and Reporting Credits
($1 = 0.8735 euros)
(Reporting by Mateusz Rabiega in Gdansk, editing by Milla Nissi-Prussak)
