Global private markets manager CVC is expanding into infrastructure through the acquisition of a majority stake in DIF Capital Partners.
CVC, a €161bn manager focused on private equity, secondaries and credit is acquiring the majority stake in infrastructure manager DIF with a plan to acquire the remaining shares over time, a deal that gives CVC an infrastructure platform.
IPE Real Assets understands that CVC is paying around €1bn to acquire its majority interest.
Amsterdam-headquartered DIF, formed in 2005, has €16bn of assets under management and operates core/build-to-core funds and core-plus infrastructure funds. The company makes mid-market infrastructure investments, primarily in Europe, North America and Australia.
CVC’s chair and co-founder, Rolly van Rappard said: “Expanding into infrastructure is a logical next step for us, given the long-term secular growth trends in infrastructure and its adjacency to our existing strategies.
“We have known the DIF team for several years, and we are delighted to partner with one of the top pure-play global infrastructure managers, with an impressive track record of performance and growth.”
Rob Lucas, managing partner at CVC, said: “DIF’s business model and culture is deeply aligned with our local model, and our new infrastructure platform will prove highly complementary to our leading private equity, secondary and credit strategies.”
Wim Blaasse, CEO and managing partner at DIF, said: “This transaction enables us to benefit from CVC’s global platform, scale and investor relationships, and to double down on important infrastructure sectors like energy transition and digitalisation while retaining independence over our investment decisions.”
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