CVC Secondary Partners (Formerly known as Glendower Capital)

What CVC Secondary Partners (Formerly known as Glendower Capital) does

CVC Secondary Partners (formerly Glendower Capital) is a private markets investment manager specializing in secondary transactions in private equity and credit funds. The firm pursues a two-pronged strategy: acquiring limited partner fund portfolios (LP secondaries) and executing general partner-led transactions, including single-asset and multi-asset continuation vehicles. The senior team has worked together in secondaries since 2005, originally at Deutsche Asset Management, then as Glendower Capital (founded 2017), and since 2022 within the CVC Capital Partners group, from which it rebranded to CVC Secondary Partners in 2024.

CVC Secondary Partners generates revenue through two streams standard to private equity fund management: recurring management fees on committed capital from institutional limited partners, and performance-based carried interest on investment returns. Its client base is composed entirely of institutional investors — pension funds, insurance companies, and sovereign wealth funds — accessed through direct enterprise sales supported by CVC's 29-office global network. Cumulative scale includes $15 billion+ in aggregate capital commitments, 200+ closed transactions, 1,800+ fund interests acquired, and 70+ bespoke continuation vehicles executed.

The product surface has expanded from a pure-play PE secondary manager into a broader private markets secondaries platform with the 2025 launch of a dedicated credit secondaries platform. Operational support is delivered through dedicated LP portals (Intralinks and eFront), and the firm has no disclosed proprietary technology platform beyond its in-house transaction-screening database. Recent landmark transactions include a $1.1 billion managed fund secondary with M&G Investments (December 2025) and a $2.3 billion single-asset continuation vehicle for SubCom led on behalf of Cerberus Capital Management (April 2026).

Name

CVC Secondary Partners (Formerly known as Glendower Capital)

Legal name

CVC Secondary Partners Limited

Website

https://glendower.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

CVC Secondary Partners is a private markets investment manager specializing in secondary transactions in private equity and credit funds, serving institutional investors (pension funds, insurance companies, sovereign wealth funds) globally through LP portfolio acquisitions and GP-led continuation vehicles.

Ownership category

akta.pro rank

Product category

Private Markets Investment Management

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Secondary Venture Funds (VC Secondaries) (FSANAAAK)

akta.pro secondary industries

LP Secondaries — Venture Capital Funds (FSAHALAB), Corporate Venture Capital (CVC) (FSANAAAF)

Keywords

• Private equity secondaries
• Secondary fund investments
• Continuation vehicles
• Credit secondaries platform
• Limited partner interests

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Management Fees: CVC Secondary Partners charges management fees on committed capital from institutional investors (pension funds, insurance companies, and other leading institutions) who invest in their secondary funds.
2. Carried Interest: The firm earns performance-based carried interest on investment returns generated for Limited Partners across their secondary private equity and credit fund investments.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

CVC Secondary Partners is a private markets investment manager that acquires limited partner fund interests in private equity and credit funds and structures GP-led continuation vehicles, providing liquidity solutions to institutional sellers and fund managers. The firm pursues a two-pronged strategy focused on LP fund portfolios and GP-led transactions, managing $15 billion in aggregate capital commitments and screening approximately US$1 trillion of secondary transactions across its history.

Product overview

CVC Secondary Partners operates as a unified private markets investment management platform offering private equity and credit secondaries investment solutions. The core offering consists of two integrated strategies: LP Fund Portfolios (secondary acquisitions of fund interests managed by 500+ managers across 1,800+ fund interests) and GP-Led Transactions (including bespoke continuation vehicles). The 2025 launch of the Credit Secondaries Platform expanded the offering to include credit fund secondaries. The firm has aggregate capital commitments of $15 billion and has screened approximately US$1 trillion of secondary transactions. Formerly known as Glendower Capital (2017-2024), the business traces its heritage to Deutsche Asset Management's secondary business founded in 2005.

Differentiator

Problem solved

Functional benefit

Products and services

• LP Fund Portfolios Secondary acquisition of limited partner interests in private equity and credit funds, enabling sellers to achieve liquidity while providing buyers access to diversified fund interests across 500+ managers.
• GP-Led Transactions and Continuation Vehicles Bespoke continuation vehicles and liquidity solutions for general partners seeking to extend partnerships or provide liquidity to existing investors, including single-asset and multi-asset continuation vehicles.
• Credit Secondaries Platform Dedicated platform for secondary transactions in credit fund interests and GP-led credit transactions, expanding the firm's capabilities beyond private equity secondaries into the credit asset class.

Quantifiable outcome

• 200+ secondary transactions completed with 1,800+ fund interests acquired
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Glendower CapitalcoreStrategic or Co-development Partner · 1 January 2022CVC Secondary Partners was established in 2022 by acquiring Glendower Capital, a secondary private equity firm that was originally founded in 2017 after its founding partners spun out the secondary business they founded in 2005 at Deutsche Asset Management. The business was renamed CVC Secondary Partners in 2024.

Scale indicators10 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Lexington Partners: One of the largest and most established secondary private equity fund managers globally, focused on LP secondaries and GP-led continuation vehicles. Directly comparable to CVC Secondary Partners in strategy, scale, and institutional LP base.
• AlpInvest Partners: Secondary PE and co-investment manager, wholly owned by The Carlyle Group. Directly comparable secondary PE strategy, with similar access to institutional capital and GP-led transaction expertise.
• Partners Group: Global private markets investment manager with a substantial secondary private equity program alongside primaries and direct investments. Comparable in secondary strategy scale and cross-platform institutional capabilities.
• Ardian Secondary: Ardian's Secondary Fund of Funds business is a leading global secondary PE manager with very large AUM. Closely comparable in target secondary transactions, GP-led solutions, and institutional investor focus.
• HarbourVest Partners: Global private markets investment manager with a substantial secondary investment practice across LP secondaries, GP-led secondaries, and primary PE fund commitments. Directly comparable in products, investor base, and institutional scale.
• Pantheon Ventures: Private equity fund-of-funds and secondary investment manager with global reach. Comparable in secondary fund commitments, GP-led continuation vehicles, and institutional LP relationships.
• Aermont Capital: European-based private equity secondary and continuation vehicle manager. Directly comparable in GP-led continuation vehicles and European secondary deal flow.
• LGT Capital Partners: Swiss-based alternative investment manager with a global secondary private equity practice. Comparable in secondary fund-of-funds investing and institutional LP distribution model.
• Neuberger Berman Secondary: Established secondary private equity franchise within Neuberger Berman, focused on both LP-led and GP-led secondary transactions. Comparable in strategy and institutional investor focus.

Broad incumbents

• Blackstone Secondary: Blackstone operates a secondary investment practice as part of its broader alternatives platform. While not solely focused on secondaries, it competes for large secondary transactions and continuation vehicles from a position of substantial scale and brand.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/glendower-capital-llp

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CVC Secondary Partners (Formerly known as Glendower Capital)