Hi guys,
I understand CVC is one of the powerhouses in Europe, but curious to learn more about its operations outside Europe.
Can anyone please share insights on the culture, reputation, and career prospects for CVC outside Europe?
Thanks
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Bump - also interested in insights into their European / London offices
Bump
They recently made an investment into La Liga, which in my book makes them cooler than most PEs!
Jokes aside, they come across as highly competent people, although I have not worked with them on a great number of deals. Most of our transactions are too small for them.
bumpppp
Bumpbump
What types of firms are they comparable to in the US? Don’t view them as comparable to the US MFs or even the top UMMs (eg Clearlake Veritas) but still strong given brand name. Curious to hear others thoughts
Not an expert outside of Europe, but worth highlighting that CVC is one of the very few large cap funds that has exclusively deal carry, not fund carry. Most large cap funds have either i) pure fund-level carry (true partnerships) or ii) mix of both.
This leads to a somewhat aggressive “eat what you kill” mentality, with offices across geographies and deal teams within offices are competing with each other. Obviously has a corresponding culture.
From a comp perspective, this means that the teams there have higher risk / higher potential returns than other funds, but it really depends on luck and timing. If you end up in a team that doesn’t get a deal done for years, which is not uncommon, you probably get frustrated with your comp very quickly.
If you get lucky, however, even one outstanding large deal as an associate can set you up for life (pretty rare, but think eg Formula 1).
Given how difficult it is to diligence internal team dynamics, office politics, momentum within verticals and geographies etc, this always felt like a tough proposition to me.
Edit/Add: Another point to note is that they have quite high headcount numbers, and a very diversified in terms of countries and offices (ie boots on the ground). Probably 10x as many people and offices as H&F (other end of the spectrum), with similar Fund size.
Thanks, very helpful.
Do you have any insights on Carry economics, whether on (Senior) Associate or VP/Principal level? Especially given it’s deal by deal curious to understand how that could look like (ie bps should be higher given it’s across much less AuM than with fund-level Carry - so how does this translate into $).
Also, given high # of headcount, how do you see probability of getting lucky/unlucky with deal exposure? They seem to be prolific but if they really have that much headcount, sounds like you could you in for disappointment even if dealflow at hand looks good?
Can't find it now but read a financial times article some time ago that said that CVC allocates up to 35 percent of the profits from a deal to the deal team thats directly responsible for it
I think a year or so ago they cut their Credit Opportunities & Special Situations distressed team to switch into direct lending, and a bunch of people left.
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