Glendower raises US$5.8 billion for its fifth global secondary private equity fund

July 31, 2023

Glendower Capital, CVC’s secondaries platform, is pleased to announce the final close of its fifth global secondary private equity fund, Glendower Capital Secondary Opportunities Fund V ("SOF V"). Glendower has raised aggregate capital commitments of US$5.8 billion for the SOF V program to deploy in the secondary market. SOF V is the first fund closed since Glendower completed a strategic merger with CVC in 2022.

Glendower operates in the private equity secondaries mid-market, targeting buyout fund investments managed by high quality GPs. The fundraise concluded at the hard cap and represents the next stage of growth for Glendower’s successful two-pronged strategy in private equity secondaries, which provides balanced exposure to portfolio sales by LP investors as well as GP-led transactions. The fundraise attracted investment from a diversified and global institutional investor base of over 230 returning and new limited partners.

Carlo Pirzio-Biroli, CEO and Managing Partner of Glendower, commented, "We are grateful for the support of our existing investors, as well as the new investors that joined our program for this fund. The completion of this fundraise is another significant milestone for us, and we continue our mission to be a lead investor and key partner of choice for LPs and GPs globally. The opportunity for our investment strategy has never been greater and we look forward to deploying this capital into a highly attractive secondary market environment."

Rob Lucas, CVC Managing Partner, said, "We are delighted with the progress of our partnership with Glendower since the transaction completed last year. Congratulations to Carlo and team who have achieved their largest ever fundraise with SOF V. With access to the broader CVC Network, the secondaries platform is well-positioned to continue to deliver sustainable value for our investors in this growing market segment, and we look forward to the continued success of this strategy.”