Performance

Performance watch: Glendower’s returns since inception

All four of Glendower’s active secondaries funds have achieved their expected MOIC, according to CVC’s IPO prospectus.

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Glendower Capital’s fund returns have been revealed in documents prepared for parent company CVC Capital Partners’ public listing last week.

CVC created its CVC Secondaries platform after acquiring Glendower in 2021. The platform manages and advises four active secondaries vehicles, SOF II to SOF V, which invest primarily in Europe and North America focusing on mid-market opportunities. All four active funds have achieved expected gross multiple on invested capital of between 1.5x and 2.0x as of the end of last year, according to the IPO prospectus.

Glendower’s latest flagship vehicle, Glendower Capital Secondary Opportunities Fund V, closed on $5.8 billion against a $4.5 billion target last July. The vehicle significantly exceeded the predecessor fund, which raised $2.7 billion in 2019.

Glendower has made over 185 investments since its launch in 2006, delivering a gross MOIC of approximately 1.6x and a gross internal rate of return of approximately 23 percent as of end-December, according to the prospectus.

CVC’s secondaries platform has 36 investments professionals and managed €13 billion in assets as of the end of 2023, the document shows.

View Glendower’s returns against other relevant benchmarks on the Secondaries Investor database here.