LPs

CVC growth platform attracts $30 mln from University of Michigan

-
  • CVC targets $750 mln for tech investments
  • Fund is led by former Welsh Carson GP John Clark
  • Michigan commits $95 million to PE 

CVC reportedly set a $750 million target for CVC Growth Partners. The fund will invest in smaller, growth-oriented technology companies in the software-as-a-service, infrastructure, payments and business services sectors, according University of Michigan documents.

Last year, CVC hired former Welsh, Carson, Anderson & Stowe General Partner John Clark to expand its growth equity strategy. The development of a growth equity platform represents a departure from CVC’s traditional private equity strategy, which tends to focus on larger buyouts. CVC closed its last flagship fund on $15 billion in 2013.

CVC could not be reached for comment.

Other commitments

In addition to its commitment to CVC, University of Michigan committed to three other private equity funds last year. The $9.9 billion endowment committed the following amounts:

  • $35 million to Francisco Partners’ fourth fund, which closed on $2.875 billion in February;
  • $25 million to Advent International’s sixth Latin America fund, which closed on $2.1 billion in November; and
  • $5 million to a co-investment fund managed by Dyal Capital Partners.

The University of Michigan Board of Regents had a 12.5 percent allocation to private equity as of Dec. 31, according to meeting materials. The portfolio is valued at $1.2 billion.