private industry private equity founded 1981 headquarters luxembourg key people steve koltes donald mackenzie rolly van rappard products private equity venture capital credit asset management website www.cvc.com cvc capital partners is a private equity firm with approximately us 80 billion in secured commitments across european and asian private equity credit and growth funds . in total the cvc group manages over us 52 billion of assets . since 1981 cvc has completed over 300 investments across a wide range of industries and countries . cvc was founded in 1981 and today has over 400 employees working across its network of 24 offices throughout europe asia and the americas . contents 1 history 1.1 founding 1.2 spinout from citicorp and the 1990s 1.3 since 2000 1.4 since 2010 2 investment funds 3 investments 3.1 europe and the united states 3.2 asia pacific 4 controversies 5 references 6 external links history edit founding edit american banking giant citicorp had established an investment arm in 1968 to focus on venture capital investments . by the late 1970s and early 1980s citicorp venture capital at that time under the leadership of chairman william t. comfort continued to invest in early stage businesses but also expanded into the emerging leveraged buyout business . cvc capital partners was originally founded in 1981 as the european arm of citicorp venture capital . history of private equity and venture capital early history origins of modern private equity the 1980s leveraged buyout boom the 1990s leveraged buyout and the venture capital bubble the 2000s dot com bubble to the credit crunch v t e among citicorp venture capital s early managing directors in europe were john botts otto van der wyck jon moulton and frank neale . of the group s original european leadership most would leave by the late 1980s . botts left in 1987 to found his own boutique investment banking firm botts & company . moulton left the bank to co found schroder ventures the predecessor of permira in 1985 . the following year van der wyck left to co found european private equity firm bc partners in 1986 and today serves as chairman of alpinvest and a senior advisor to coller capital . neale also departed to join phildrew ventures which subsequently became ubs capital and later irrfc . spinout from citicorp and the 1990s edit by the early 1990s michael smith who joined citicorp in 1982 was leading citicorp venture capital in europe along with other managing directors steven koltes hardy mclain donald mackenzie iain parham and rolly van rappard . in 1993 smith and the senior investment professionals of citicorp venture capital negotiated a spinout from citibank to form an independent private equity firm cvc capital partners . 1 in 2006 the us arm of citigroup venture capital also spun out of the bank to form a new firm known as court square capital partners . cvc operated offices in london paris and frankfurt . following the spinout cvc raised its first investment fund with 300 million of commitments half coming from citicorp and the rest from high net worth individuals and institutional investors . now independent cvc also completed its transition from venture capital investments to leveraged buyouts and investments in mature businesses . cvc would follow up with its second fund in 1996 its first fully independent of citibank with 840 million of capital commitments . since 2000 edit by 2000 cvc was one of the largest and best known private equity firms in europe . in 2001 cvc completed fundraising for its third investment fund which was the largest private equity fund raised in europe at the time just ahead of funds raised by other leading firms apax partners and bc partners 2 also around the same time cvc expanded into asia with a 750 million fund focusing exclusively on investments in asian companies . in 2007 cvc expanded to the u.s. opening an office in new york city headed by christopher stadler and overseen by rolly van rappard . 3 since 2010 edit in january 2013 smith retired from the role of chairman and koltes mackenzie and van rappard were appointed co chairmen of the group . 4 in june 2015 cvc acquired the german perfume retailer douglas ag for an disclosed fee from us private equity firm advent international . 5 in september 2015 cvc opened an office in warsaw . 6 in november 2015 cvc and the canada pension plan investment board both acquired american pet supplier petco for a fee of around 4.6 billion . 7 in april 2016 cvc capital partners acquired german betting operator tipico . 8 in september 2016 cvc capital partners agreed to sell control of formula one to john malone s liberty media in a deal worth 4.4 bn . the two part deal would see the us media group buy 18.7 per cent of the f1 parent company delta topco for 746mn in cash from a consortium of shareholders led by cvc . in 2017 a second payment of 354mn in cash and 3.3 bn in newly issued shares in a liberty media tracking stock will see liberty media assume full control of formula one once the deal is approved by regulators the fia and liberty s shareholders . 9 investment funds edit fund 10 year region size millions cvc european equity partners i 1996 europe 840 cvc european equity partners ii 1998 europe 3 333 cvc asia fund i 2000 asia 750 cvc european equity partners iii 3 2001 europe 3 971 cvc european equity partners iv 11 2005 europe 6 000 cvc capital partners asia pacific ii 2005 asia 1 975 cvc european equity partners tandem fund 2007 europe 4 123 cvc european equity partners v 2008 europe 10 750 cvc capital partners asia pacific iii 2008 asia 4 120 cvc capital partners asia pacific iv 2014 asia 3 495 cvc european equity partners vi 2014 europe 10 907 cvc growth partners 2015 europe 1 000 investments edit europe and the united states edit the current european and us portfolio contains a number of companies including avast it security company ; 12 formula one group motor sport management business ; rac automotive rescue service provider in the uk ; 13 cortefiel apparel retailers in spain ; leslie s pool supplies u.s. retailer of swimming pool supplies ; fraikin truck leasing ; pkp energetyka polish railway network electricity distributor ; petco holdings inc. major pet supplies retail chain ; 14 sky bet online betting and gambling company ; 15 kount online fraud detection provider ; 16 stage entertainment european theatre group . 17 asia pacific edit the current asia pacific portfolio includes spi global philippines based bpo company 80 20 ownership between cvc and pldt ; arteria networks network solutions provider ; 18 srs korea fast food franchise operator ; 19 the executive centre hong kong based serviced office operator ; 20 pt softex indonesia paper based personal care products manufacturer ; 21 magnum corporation malaysian lottery operator . controversies edit in january 2015 cvc capital partners and bencis capital partners were sentenced to pay fines by the dutch authority for consumers and markets after it charged the former dutch portfolio company of the two firms meneba beheer with breaking competition rules through price fixing . 22 the dutch regulator ruled that the two firms must pay between 450 000 and 1.5 million after meneba beheer which was itself fined 9 million by the authority was involved in a collective agreement with competitors to keep prices stable between 2001 and 2007 . references edit briton who has steered cvc to the top . the times . february 23 2007 . cvc capital partners closes record 4.65 bn european fund . altassets . june 28 2001 . a b cvc sets up in us . altassets . january 31 2007 . cvc chairman michael smith steps down after 30 years . retrieved 2016 09 05 . kirsti knolle 1 june 2015 . cvc buys german perfume retailer douglas . reuters . retrieved 1 june 2015 . cvc opens warsaw office hires krawczyk from innova . altassets . 17 september 2015 . cvc canada s cppib to buy petco for about 4.6 billion . reuters . 23 november 2015 . langworth hannah 25 april 2016 . cvc acquires german betting operator tipico . real deals . us media firm liberty media to buy formula 1 . bbc news . retrieved 2016 09 08 . preqin online database . preqin . september 05 2016 . pan european cvc closes 6bn european fund . altassets . july 29 2005 . lunden ingrid . security software firm avast gets cvc capital investment now valued at 1b . techcrunch . retrieved 2016 09 05 . kleinman mark december 2 2015 . f1 shareholder cvc motors to 2bn rac deal . sky news . retrieved december 3 2015 . driebusch telis demos and corrie . forget going public u.s. companies want to get bought . wall street journal . issn 0099 9660 . retrieved 2015 11 29 . sky sells betting business to cvc private equity . retrieved 2016 09 05 . cvc capital partners growth fund makes usd80m investment in kount inc . private equity wire . 2015 12 16 . retrieved 2016 09 05 . cvc capital partners to buy stage entertainment news the stage . 2015 06 19 . retrieved 2016 09 05 . cvc capital to focus on consumer retail companies in japan . reuters . 2014 12 15 . retrieved 2016 09 05 . cvc agrees to buy s.korea kfc franchise for 98 mln . reuters . 2014 05 08 . retrieved 2016 09 05 . chan cathy . cvc acquires hong kong serviced offices after closing asia fund . bloomberg.com . retrieved 2016 09 05 . cvc capital partners acquires stake in pt softex . private equity wire . 2015 12 23 . retrieved 2016 09 05 . acm fines investment companies for cartel activities of portfolio company . www.elexica.com . retrieved 2016 09 05 . external links edit cvc capital partners v t e private equity and venture capital basic investment types buyout venture mezzanine growth secondaries equity co investment history history of private equity and venture capital early history of private equity private equity in the 1980s private equity in the 1990s private equity in the 2000s terms and concepts buyout financial sponsor management buyout divisional buyout buy sell agreement leveraged recapitalization dividend recapitalization venture angel investor business incubator post money valuation pre money valuation seed money startup company venture capital financing venture debt venture round structure private equity firms and funds limited partnership limited liability company carried interest management fee publicly traded private equity business development company venture capital trust private investment in public equity pipe pledge fund investors corporations institutional investors pension funds insurance companies fund of funds endowments foundations investment banks merchant banks commercial banks high net worth individuals family offices sovereign wealth funds crowdfunding related financial terms aum cap table capital call capital commitment capital structure distribution waterfall ebitda envy ratio high yield debt ipo irr leverage liquidation preference m & a pme taxation of private equity and hedge funds undercapitalization vintage year private equity and venture capital investors private equity firms venture capital firms angel investors portfolio companies v t e merchant banking private equity groups current and prior abn amro aac capital partners bank of america ridgemont equity partners merrill lynch global private equity barclays capital barclays private equity barings bank baring vostok capital partners gp investments bear stearns irving place capital fka bsmb cibc world markets trimaran capital partners citigroup metalmark capital court square capital partners cvc capital partners credit suisse dlj merchant banking avista capital partners diamond castle holdings deutsche bank midocean partners first chicago bank defunct madison dearborn partners gtcr goldman sachs goldman sachs capital partners jpmorgan chase ccmp capital fka jpmorgan partners one equity partners lazard lazard alternative investments lehman brothers defunct trilantic capital partners morgan stanley metalmark