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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.

Future Co-Investments in the Pipeline

The transaction does not merely transfer existing stakes; it opens the door to future co-investments alongside the underlying managers. In effect, the deal plants seeds for continued joint activity, expanding both firms’ exposure to North American private equity opportunities.

Francesca Paveri Fontana, senior managing director at Evercore, which advised M&G on the deal, said the transaction highlights the increasingly innovative nature of the secondary market.

By enabling M&G to monetize existing assets while simultaneously positioning both firms for new investments, she said, the agreement demonstrates how secondaries can serve as both exit ramp and on-ramp — liquidity without retreat.

Details regarding legal counsel were not immediately available.

As capital continues to swirl through private markets, this latest move signals that secondary transactions are no longer side streets in finance. They are becoming highways — and CVC Buys M&G's Investment Portfolio may be one more sign that the traffic is only accelerating.