FT : Europe’s new guard in private markets
Over the past couple of years the leadership of Europe’s largest private capital firms has turned over.
CVC Capital Partners is the latest to shake up its top ranks. The FT revealed on Tuesday that the Amsterdam-listed and London-based private equity group hired Todd Sisitsky from rival TPG to become co-chief executive.
Sisitsky will join CVC in the first quarter of 2028 and will become co-chief alongside Peter Rutland, the group’s president and head of financial services investments. The pair will succeed Rob Lucas, who has led CVC since its initial public offering in 2024.
CVC joins its European peers who have named fresh leaders as they vie to compete with their larger US rivals.
Swiss private equity manager Partners Group announced last week it would replace chief executive David Layton with co-CEOs Roberto Cagnati and Juri Jenkner.
Last year the Swedish buyout group EQT and the London-headquartered firm Cinven both replaced their CEOs. And in 2024 Permira named a pair of co-CEOs to succeed Kurt Björklund, who steered its revival from the 2008 crisis.
As the new guard takes over atop private markets in Europe, the giants of US private capital have much more entrenched leadership.
Blackstone’s chief is Stephen Schwarzman, though its fleet-footed president Jonathan Gray in effect tends to the day-to-day management of the firm. Marc Rowan has solidified himself atop Apollo Global Management as it becomes an insurance-funded lending goliath.
KKR’s succession from co-founders Henry Kravis and George Roberts is now half a decade old with co-CEOs Scott Nuttall and Joseph Bae steering a steady ship. Harvey Schwartz has also stabilised the once-fractious Carlyle.
Even the long-term leadership of TPG seems clarified now too. Sisitsky was second in command to chief executive Jon Winkelried. But with his heir apparent departing, Winkelried’s grip on the technology-focused PE investor seems clear.
Sisitsky joined TPG in 2003 and has become one of the most prominent healthcare investors on Wall Street. While CVC and TPG are similar sizes, DD can see an appeal for Sisitsky to join what is considered one of Europe’s top investment firms.
CVC is still seen in the PE world as a firm that can earn high returns, as many other firms have become “beta” players with returns that track the market. Its less diversified operations aren’t suffering from a private credit hangover. CVC is on the offensive now after acquiring credit manager Marathon Asset Management earlier this year.
But the buyout group has struggled to win over public market investors since its 2024 public offering, with its share price little changed and its size just a fraction of US rivals.
Sisitsky and his future co-CEO Rutland have a nice canvas to work with and easy levers to pull if they are heavily incentivised in stock, like pursuing a dual listing of the company in the more richly valued US markets.