CVC Capital has agreed to buy a majority stake in DIF, to create a global private markets manager with seven complementary strategies and approximately €177bn of total assets under management.
“This strategic acquisition provides CVC with a leading infrastructure platform, directly adjacent and highly complementary to its existing private equity, secondary and credit strategies,” the firms said. “In addition, this acquisition accelerates the growth of DIF, which will continue to operate under the DIF brand and retain independence over its operations and investment decisions.”
DIF will continue to be led by its current chief executive and partners, and it will continue to operate under the DIF brand.
“This transaction enables us to benefit from CVC’s global platform, scale and investor relationships, and to double down on important infrastructure sectors like energy transition and digitalisation while retaining independence over our investment decisions,” said Wim Blaasse, chief executive and managing partner at DIF.
“Expanding into infrastructure is a logical next step for us, given the long-term secular growth trends in infrastructure and its adjacency to our existing strategies,” added CVC chair and co-founder, Rolly van Rappard.
The transaction is subject to regulatory and other consents and is expected to close in the fourth quarter 2023 or the first quarter of 2024.