CVC CAPITAL PARTNERS PLC

The expected first step-up in PRE was pushed toward 2027 because exit timing remains uncertain; management provided confidence on value but limited visibility on timing.

Analyst questioning highlighted that delayed exits can dilute IRRs even if gross MOIC is preserved. Management characterized this as a market-wide issue but did not quantify the expected impact for CVC funds.

Management did not disclose specific economics of Private Wealth distributor arrangements despite questions about performance-fee incentives and product margins.

Private Wealth redemptions are currently low, but CVC disclosed limited detail on lock-up structures and future liquidity behavior; the comparison with US private-credit evergreen stress remains untested because Marathon has no evergreen products.

Marathon is expected to be broadly EPS-neutral in 2027 and only low-single-digit accretive in 2028, leaving meaningful integration and execution risk before it contributes materially.

The €200 billion 2028 fee-paying AUM objective and Fund X expectation are management targets/frameworks rather than firm guidance, and depend on sustained fundraising in a more selective private-markets environment.