Report published September 3, 2026
CVC Capital Partners: SOF VI Closes at $10bn, >40% Above Target — Goldman Sachs Equity Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 3, 2026
- Analysis as of
- September 2, 2026
Authors / editors: Oliver Carruthers, CFA, Anshika Mehrotra, Naimeh Sabourian, Tom Ferguson
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
CVC announced the final close of Secondary Opportunities Fund VI (SOF VI) at $10bn, beating its $7bn target by over 40% and up >70% versus SOF V. Goldman Sachs reiterates a Buy rating with a 12-month target price of €20.90 (53.1% upside).
Key Takeaways
- 1.CVC closed its Secondary Opportunities Fund VI (SOF VI) at $10bn, exceeding its $7bn target by >40% and predecessor fund SOF V by >70%.
- 2.The fundraise attracted 200+ returning and new LPs globally, with ~50% contributed by investors new to the SOF platform.
- 3.Goldman Sachs maintains a Buy rating on CVC with a 12-month SOTP target price of €20.90, offering 53.1% upside from the current share price of €13.65.
Table of Contents
- Valuation & Key Risks
- Disclosure Appendix
- Reg AC
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
Report data
Exhibit 1: The $10bn close of SOF VI is ~43% above the $7bn target and ~72% above the SOF V final close — as of September 2, 2026.
| Metric | Estimate | Context |
|---|---|---|
| SOF VI Aggregate Capital Commitments (Final Close) | 10.0 USD bn | Capital raised for Secondary Opportunities Fund VI at final close, exceeding $7bn target. |
| SOF VI Target Commitment Size | 7.0 USD bn | Target set for SOF VI. |
| SOF V Final Close Size | 5.8 USD bn | Predecessor secondary fund final close size. |
| CVC 12-month Price Target | 20.9 EUR | 12m SOTP-derived price target based on FRE target multiple of 27.5x and DCF for performance fees. |
| CVC Share Price | 13.65 EUR | Closing stock price of CVC.AS as of September 2, 2026. |
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Authors / Editors
Reported Data Context
- SOF VI Aggregate Capital Commitments (Final Close): 10.0 USD bn (2026-09) · Source: Company data
- SOF VI Target Commitment Size: 7.0 USD bn · Source: Company data
- SOF V Final Close Size: 5.8 USD bn (2023-07) · Source: Company data
- CVC 12-month Price Target: 20.9 EUR (12-month) · Source: Goldman Sachs Research
- CVC Share Price: 13.65 EUR (2026-09-02) · Source: FactSet
Securities
Themes
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