Luxembourg-based private equity giant CVC Capital Partners has raised €26 billion ($29.2 billion) for the world’s biggest-ever buyout fund.

“CVC is pleased to announce the successful close of CVC Capital Partners IX (Fund IX) at €26 billion, exceeding its €25 billion target,” said the firm.

“Its predecessor, CVC Capital Partners VIII, was raised in 2020 and closed at €22.3 billion.

“CVC launched Fund IX in January 2023 and has experienced strong demand from a global blue chip investor base of returning and new institutional investors.”

CVC  Managing Partner Rob Lucas said: “We are extremely grateful to our investors for their support during the Fund IX fundraising.

“Our consistent outperformance across multiple cycles has allowed us to build long-term relationships with the highest quality institutional investors.

“Over the last 30 years, CVC has developed an international network of 25 local offices and a global team of over 850 professionals.

“This provides us with a real competitive advantage in making the best investments and creating sustainable value for our investors.

“With Fund IX and our wider family of funds, we look forward to partnering with entrepreneurs and management teams to build better businesses around the world.”

CVC manages more than €140 billion of assets globally across six investment strategies comprising CVC Europe/Americas, CVC Asia, CVC Strategic Opportunities, CVC Growth, CVC Credit and CVC Secondaries (Glendower).