CVC Capital Partners has hired TPG president Todd Sisitsky to become co-chief executive alongside current CVC president Peter Rutland, in a major leadership transition at the €212bn private markets manager.
The pair are due to take over by the first quarter of 2028, when current CEO Rob Lucas will step back after almost seven years leading the business.
Sisitsky will also become chair of CVC’s Partner Board when he assumes the co-CEO position, while Rutland’s promotion gives the manager continuity through a 19-year CVC veteran who already has oversight of several of its non-traditional private equity strategies.
Sisitsky spent more than 23 years at TPG and had been its president since 2021, as well as co-chair of its management committee and a member of its board and executive committee.
He built much of his investment career in healthcare and was a leader of flagship buyout strategy TPG Capital, before taking on oversight of a broader group of private equity strategies as president.
Sisitsky’s recruitment represents a notable external appointment at the top of CVC, pairing him with an executive whose career has developed inside the European private equity group.
Rutland, currently a managing partner and president, is responsible for its Credit & Insurance, Secondaries and Infrastructure strategies, as well as serving as the long-standing global head of its financial services sector team.
Current CEO Lucas has led CVC since June 2021 and oversaw the firm’s listing on Euronext Amsterdam in April 2024. He will remain involved after the transition both at group level and in CVC’s investment activities.
Lucas will also continue as a member of the Europe/Americas, Strategic Opportunities and Catalyst investment committees and will serve as a key man for CVC Europe/Americas Fund X.
CVC has been building a broader private markets platform alongside its traditional private equity business, and now operates seven strategies.
Its secondaries arm alone manages €20bn after CVC Secondary Partners closed its sixth global private equity secondaries vehicle on $10bn this year, almost doubling the $5.8bn raised for its predecessor in 2023.
CVC currently manages €212bn globally and has more than 1,600 employees across 30 offices on six continents.
The firm described the appointments as part of a multi-year succession process designed to maintain continuity while supporting further growth and diversification.
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