Full Year 2024 CVC Capital Partners PLC Earnings Call Transcript
Key Points
- CVC Capital Partners PLC (CVCCF) successfully completed its IPO on Euronext Amsterdam, positioning the company for continued growth.
- The company activated Europe/Americas Fund IX and Asia VI, both exceeding their hard caps, reinforcing its leadership in private equity.
- Total assets under management (AUM) reached EUR200 billion, with a 50% increase in fee-paying AUM from EUR98 billion to EUR147 billion.
- CVC Capital Partners PLC (CVCCF) delivered strong investment performance with exits in 2024 achieving a 4 times gross multiple of money and a 30% IRR.
- The company saw a significant recovery in activity levels, with deployment up 71% and realizations more than doubling compared to 2023.
- The current economic uncertainty poses challenges, although the company has shown resilience across its investment portfolios.
- Fundraising processes are expected to be more back-ended and longer compared to prior vintages, indicating potential delays in capital raising.
- The IPO market remains subdued, and strategic buyers have yet to fully return, impacting exit strategies.
- There is a need for continued investment in growth areas such as Private Wealth, Insurance, and AI, which may increase operational costs.
- The company faces competition in the private credit space, which could affect deployment pace and market conditions.
Good morning, and welcome to the CVC Capital Partners plc 2024 full-year results call. Please be aware that this call is being recorded. (Operator Instructions)
I would like to hand over to Walid Damou to begin the meeting. Walid, please go ahead.
Thank you, and good morning, everyone. Thank you for joining us for our inaugural full year results. This is a significant milestone for CVC, and we're very excited to share our progress with you. As with our last call in September, we have 60 minutes. And after our presentation, we'll open the floor to questions.
Presenting on this call today are Rob Lucas, our CEO; Fred Watt, our CFO; and Rob Squire, the Head of Client and Product Solutions.
I will now hand over to Rob to begin the presentation.
Thanks, Walid, and thank you, everyone, for joining the call. Let's kick off on
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