Simpson Thacher advises as CVC raises record-breaking €16bn
CVC's seventh fund is the largest ever by a European private equity fund
June 01, 2017 at 06:03 AM
2 minute read
Simpson Thacher & Bartlett's London office is advising private equity house CVC Capital Partners on the formation of its new €16bn (£14bn) fund.
The fundraising is reportedly the largest ever by a European buyout house. The fund, CVC's seventh, will be used for private equity investments in Europe and North America.
It closed with a hard cap of €15.5bn but, with existing commitments of CVC and its employees, will have more than €16bn of equity capital available to invest.
CVC's portfolio includes UK roadside assistance company RAC, US pet supplier Petco and online sports betting company Sky Bet. Last year, it agreed to sell Formula One to Liberty Media Corporation for £6.4bn. Freshfields Bruckhaus Deringer and Baker Botts advised.
Private investment funds partner Gareth Earl is leading the team at Simpson Thacher on the fundraising. He joined the US firm's London office in 2010 from buyout house Doughty Hanson.
Earl's clients include Actis, Apax, BC Partners, Bridgepoint, Charterhouse, Cinven, Coller Capital, CVC and EQT.
Offshore law firm Mourant Ozannes acted as Jersey legal counsel.
News of the fundraising comes after Simpson Thacher last month appointed heavyweight funds partner Jason Glover as managing partner of its City base, succeeding M&A partner Greg Conway, who had been in the role since 2007.
Glover joined Simpson Thacher from Clifford Chance in 2010 to establish a UK funds practice for the elite US firm.
Earlier in the month, the US firm saw a rare City departure with corporate partner Alvaro Membrillera leaving to join Paul Weiss Rifkind Wharton & Garrison's London base.
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