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CVC Capital Partners closes latest fund at €16 billion

CVC Capital Partners closed its seventh private equity fund, CVC Capital Partners VII, at €15.5 billion ($17.3 billion), said a spokesman.

With the inclusion of the commitments from CVC, the fund will have more than €16 billion in equity capital available to invest, the €65 billion manager said in a news release.

The European buyout fund will target investment in middle-market companies in the beverage, chemicals, consumer services, manufacturing, distribution, media, retail and technology sectors.

“We are honored to have received such strong support from our investors across the world. We value greatly their continued trust in our ability to invest their capital well,” Steve Koltes, co-chairman of CVC, said in the release.

The prior fund, CVC Capital Partners VI, closed at its €10.5 billion hard cap in 2013.

Investors in the latest fun include the $73.3 billion Ohio State Teachers Retirement System, Columbus; $25.6 billion Texas County and District Retirement System, Austin; and the $7.8 billion Rhode Island Employees' Retirement System, Providence.

A spokesman declined to comment on the fund's initial target or to provide more details.