UK-based private equity firm CVC has agreed to buy private equity secondaries manager Glendower Capital.
The deal, whose financial terms are unknown, would create a new company with total assets under management of about €113 bn.
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Glendower was established in 2006 as part of Deutsche Bank’s asset management business. It was later spun off from the German lender in 2017.
The firm specialises in secondary buyouts, in which it purchases assets from other private equity firms.
It manages or advises about $8bn in aggregate capital commitments across various funds backed by institutional and private investors globally.
Commenting on the deal, CVC co-founder Rolly Rappard said: “Glendower has a very similar investment-led culture to CVC as well as the operational and financial scale to address what we see as a compelling market opportunity within secondaries in the coming years.
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By GlobalData“Their established platform perfectly complements our existing family of private equity and credit strategies and we look forward to supporting Carlo and Charles in growing their business further.”
Glendower is headquartered in London with an office in New York and has a team of around 60 employees.
Under the agreement, the firm’s current management will continue to lead the business which will operate independently under the Glendower name.
Glendower Capital CEO and managing director Carlo Pirzio-Biroli said: “CVC is an excellent partner for a business like ours and we are excited to be joining forces with them as we enter a new chapter in our growth story.
“There is a significant alignment of culture between our two firms which will be essential when working together to accelerate the development of our platforms in the years to come.”
The transaction, subject to receipt of regulatory approvals, is expected to close in the fourth quarter of the year.
Last year, reports emerged about CVC and Blackstone Group carrying out negotiations to invest in Italy’s Serie A soccer league.
