CVC Capital Partners, one of the biggest private equity firms in the world, has followed rivals such as Apax Partners and TPG by selling a stake in its parent company to a group of private investors.
It is understood the firm, which has investments in Formula One and theme park group Merlin Entertainment, has sold a ten per cent stake in its Luxembourg domiciled parent company to a consortium of private investors. These are thought to include Kuwait Investment Authority (KIA), the Government Investment Corporation of Singapore (GIC) and an unnamed Asian fund.
It follows a trend for private equity management to give large sovereign wealth funds a seat at the table.
In February 2010, Apax Partners sold off a ten per cent stake to investors including China’s sovereign wealth fund China Investment Corporation. TPG is also understood to have sold management stakes to KIA and GIC in April 2011.