Private equity firm CVC Capital Partners is reportedly planning to acquire secondary buyout specialist Glendower Capital.
According to a Bloomberg report, CVC is in advanced discussions to purchase the firm.
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A partnership may be announced in the coming weeks, the publication added quoting sources familiar with the development. The sources further said that the current management is expected to continue following any deal.
However, CVC and Glendower Capital declined to confirm the development.
UK-headquartered Glendower was spun out of Deutsche Bank AG’s asset management arm in 2017.
According to its website, the company has raised four funds with aggregate capital commitments of $5.8bn.
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By GlobalDataSince its inception, Glendower is said to have closed more than 120 transactions involving more than 800 fund interests.
It also has an office in New York and employs around 50 professionals.
The acquisition, if advances, will help CVC to further diversify its business and attract new investors.
Established in 1981, CVC has $114.8bn of assets under management. It has 24 offices globally including 16 across Europe and the Americas.
Bloomberg noted that the company operates on a competitive model with employees behind successful transactions receive a greater share of profits.
CVC also has a credit unit, a growth investment arm and a direct lending team.
