CVC raises $1.6bn

The London-based firm closes its second mid-market growth fund above target.

CVC Capital Partners held a final close of CVC Growth Partners II above its $1 billion target Wednesday, according to a statement from the firm. The size of the fund and an accompanying sidecar vehicle, CVC Growth Partners II Co-Investment, collectively reached $1.6 billion. Discreet fund size figures were not released and requests to the firm for comment were not returned.

An August filing with the U.S. Securities and Exchange Commission showed that CVC Growth Partners II had received commitments of nearly $1.05 billion. The size of the sidecar wasn’t disclosed at the time.

The funds will invest in growth-stage, mid-market business services companies primarily in North America and Europe. The technology-focused companies the fund is targeting include cloud computing, financial technology, healthcare information technology, managed services, mobility, payments, SaaS, security, software and other businesses.

The firm’s previous growth fund, CVC Growth Partners, follows this same strategy and has invested in advertising, marketing and financial solutions companies in the US and Israel. Fund I closed above its $750 million target at $1 billion in January 2016.

Fund II’s investors are based in Asia, Europe, the Middle East and North America. PEI data shows the Canada Pension Plan Investment Board committed $300 million to Fund II. The New York State Common Retirement Fund committed $200 million to the fund and $66.67 million to the co-investment vehicle.