Busy Australian growth equity group CVC Ltd is ready to re-stock its investment warchest with a new fundraising targeting about $200 million.
It is understood CVC has started readying investors for a new fund, dubbed CVC Emerging Companies III, that would follow its tried-and-tested mandate of buying into expansion stage and pre-IPO investments.Sources said the raising could be officially underway by the middle of this year, however CVC still had capital to deploy from its CVC Emerging Companies II fund that was raised in 2021 and was prepared to be patient.
The new fund would be run by Christian Jensen and Jonathan Pearce, who have carved out reputations as active players in Australian mid-market deals. It has nothing to do with CVC Capital Partners -The pair signed off on an investment in privately-owned wealth platform Mason Stevens in October, putting it on course for an IPO or other liquidity event in the coming 18 months.
The update said there was likely capital for another one to three investments - fund II was two-thirds deployed - before it would be necessary to re-load with fresh capital. CVC Emerging Companies’ other investments include online lending platform Lendi, broadcast and AV technology business BirdDog, document management software group EncompaaS and trade and debt finance provider Moneytech Finance. The bulk of its fund II investments are in unlisted companies.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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