In a transaction that reshapes the chessboard of private equity investing, CVC Buys M&G’s Investment Portfolio in a $1.1 billion secondary deal that underscores the growing muscle of the secondaries market.
On Monday, M&G Investments announced that private equity heavyweight CVC acquired $1.1 billion worth of its North America-focused investment portfolio. The move, finalized Dec. 31, transfers ownership of a collection of seasoned private equity fund interests — while allowing M&G to remain at the helm, continuing to manage the assets.
The deal marks more than a sale. It forges a fresh alliance between M&G and CVC Secondary Partners, the secondaries arm of the global buyout firm, creating a new mandate built on more than 20 years of collaboration.
A Secondary Market Play With Long-Term Ambition
The so-called managed fund secondary transaction allows CVC Capital Partners to purchase a basket of existing private equity fund stakes from M&G. Yet unlike a clean break, M&G retains operational control, steering the portfolio forward even as ownership shifts.
Emmanuel Deblanc, head of investments in the private markets division at M&G Investments — which operates under M&G plc — described the transaction as a natural extension of a decades-long working relationship.
By teaming up on the deal, Deblanc said, the firms are combining sourcing power, scale and deep experience in secondary investing — a segment of private equity that has evolved from niche corner to center stage.
CVC funds committed the full $1.1 billion to M&G’s 2025 PE Secondary Fund to acquire the portfolio. Most of the holdings are anchored in mature North American mid-market buyout funds, often considered the steady engines of private equity performance.
Mid-market buyout funds typically target midsized businesses generating annual revenues between $50 million and $500 million — companies large enough to scale but small enough to transform. In private equity terms, they are fertile ground.
