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CVC targets July 22 close for €9bn buyout fund to avoid AIFMD shackles

31 May 2013

europeflag_170sqLondon-headquartered private equity firm CVC Capital Partners is reportedly pushing European Union LPs to commit to its €9bn-targeting buyout fund within the next eight weeks to avoid incoming regulations.

The firm hopes to hold a €7bn first close before July 22 according to Bloomberg, which said the move would enable it to qualify for exemptions from the EU’s Alternative Investment Fund Managers Directive.

It cited three people with knowledge of the fund, who said the firm was concerned the ruling could stop it seeking backers in the region.

AIFMD allows national regulators to limit access to EU LPs from non-EU domiciled funds, such as CVC’s Channel Islands-based mega fund.

Meeting the deadline will allow the firm to continue to sell to EU investors much as it has done in the past, it believes.

CVC reportedly began talks with investors about raising the vehicle last November in a “soft marketing” process, with initial figures suggesting it could target €11bn.

The firm is currently eyeing an exit of beauty retailer Matas through an IPO on the Danish stock exchange.

The private equity house is currently meeting with potential investors according to Danish newspaper Berlingske Tidende, which said the listing could go ahead by the end of June.

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