Private equity firm CVC Capital Partners has agreed to acquire $1.1 billion of North America-focused private equity assets from M&G Investments in a secondary market transaction, the companies announced Monday. The deal strengthens ties between the two firms and expands M&G’s private equity platform through a structured partnership.
The transaction, which closed on Dec. 31, involves the sale of a portfolio of existing private equity fund interests managed by M&G. Although CVC is purchasing the assets, M&G will continue to manage the portfolio, allowing continuity in oversight and strategy.
The investment was made through CVC Secondary Partners, the firm’s dedicated secondaries platform. CVC funds committed $1.1 billion to M&G’s 2025 PE Secondary Fund, which will hold a portfolio largely composed of mature North American mid-market buyout funds. These funds typically focus on acquiring companies generating annual revenues between $50 million and $500 million.
The structure of the deal enables CVC to gain exposure to established private equity investments, many of which are in later stages of their lifecycle. At the same time, M&G retains management responsibilities and strengthens its long-standing relationship with CVC, built over more than 20 years of collaboration.
Emmanuel Deblanc, head of investments in M&G’s private markets division, said the partnership combines both firms’ sourcing capabilities and experience in secondary investing. The arrangement is designed to support further investment opportunities, including potential co-investments alongside underlying fund managers.
The secondary market has grown steadily in recent years as investors seek liquidity options and portfolio rebalancing tools. Transactions like this allow asset managers to sell stakes in existing funds while continuing to participate in their performance and future investment opportunities.
Evercore acted as financial adviser to M&G on the deal. Francesca Paveri Fontana, a senior managing director at the advisory firm, said the transaction highlights how secondary structures can provide flexibility by enabling asset sales while positioning both parties for additional investment activity.
Counsel details for the transaction were not disclosed.
The agreement reflects continued activity in the private equity secondary market, where established portfolios are changing hands as firms look to manage capital efficiently while maintaining long-term exposure to private markets.
