Private equity and credit investment advisory firm CVC Capital Partners agreed to acquire secondaries manager Glendower Capital, a spokesman said.
Terms of the deal were not disclosed. The transaction, which is scheduled to close in the fourth quarter of the year subject to regulatory requirements, will boost CVC's AUM to €113 billion ($134.2 billion).
Glendower, which manages and advises around $8 billion, will continue to operate under its current name and leadership after the deal closes."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. Their established platform perfectly complements our existing family of private equity and credit strategies and we look forward to supporting (Glendower CEO) Carlo (Pirzio-Biroli) and (CIO) Charles (Smith) in growing their business further," Rolly van Rappard, co-founder of CVC, said in a news release Sept. 13.