• Began marketing fund in July 2025, with initial EUR 3.85bn target
• Strategy to acquire mid-to-large European, selective NorthAm companies
• Fund VI close follows CV-squared deal for Curium last November

CapVest recently held a final close for its sixth flagship fund, which is oversubscribed at EUR 4.5bn, two sources familiar with the situation said.

The London-headquartered sponsor was initially targeting EUR 3.85bn for the vehicle, according to one of these sources, another source familiar with the situation and an LP document seen by this news service.

CapVest began marketing the vehicle last July, one of the sources added. The manager filed for CapVest Private Equity VI with the Luxembourg registry in May.

Predecessor Fund V closed on USD 3.7bn in February 2023.

Founded in 1999, CapVest’s investment strategy has historically focused on acquiring a small number of companies operating across its core sectors of consumer staples, healthcare, and essential services businesses, according to its website.

Through its sixth fund, CapVest will continue its existing focus on investing in defensive, non‑discretionary, cash‑generative businesses, and partnering with management teams, one of the sources said.

The vehicle is expected to pursue control transactions of mid-to-large European companies with selective exposure outside of Europe – with an anticipated focus on North America – which would be capped at 36% of the fund’s commitments, according to the LP document.

The Fund VI close follows the closing of a second continuation vehicle (CV) for CapVest portfolio company Curium last November, which valued the nuclear medicine company at USD 7bn. The CV was led by ICG, TPG GP Solutions, CVC Secondary Partners, with other investors including Goldman Sachs Alternatives, Lunate, Pantheon, and Ardian, according to a press release.

The firm also announced the acquisition of STADA from Bain Capital and Cinven last September. The healthcare and pharmaceuticals company reported revenues of EUR 4.3bn and adjusted EBITDA of EUR 961m in the financial year, according to a press release at the time.

CapVest declined to comment.