CVC credit fee-paying AUM climbs 55% with Marathon inclusion

CVC Capital Partners' credit fee-paying assets under management rose 55% in the year to September 2026, a €24 billion gain that includes the first-time inclusion of Marathon Asset Management.

CVC's credit fee-paying AUM reached roughly €68 billion as of September, up from about €44 billion a year earlier. Group fee-paying AUM rose 24% year on year to €177 billion, including 11% organic growth excluding Marathon, CVC said in its third-quarter activity update, first reported by Alternative Credit Investor. Credit, secondaries and infrastructure now account for €105 billion, or 60% of the group total.

For allocators, a credit allocation to CVC now spans direct lending, asset-based lending and credit secondaries in a single decision. CVC reported "strong initial investor interest" in its fifth European direct lending fund, EUDL V. Marathon is raising its fourth asset-based lending fund, ABL IV, and third MOC III vehicle, and its credit secondaries strategy has more than €500 million in commitments.

Separately, CVC is weighing a take-private bid for Verisure, which has a market value of €9.7 billion, as Private Wealth Daily previously reported; no offer has been made.

Marathon's ABL IV and MOC III are still in market, the credit secondaries strategy is still raising, and CVC has reported only initial investor interest in EUDL V.