CVC Capital Partners, Europe’s largest private equity group, plans to shun London and bring its multi-billion-euro IPO to the Euronext stock exchange in Amsterdam.

The buyouts group has told potential investors it aims to list on the Dutch stock exchange and set a target of €25 billion for its next private equity fund, according to four knowledgeable people.

No final decisions have been made on the IPO or its timing, and much will depend on developments in the war in Ukraine and its impact on markets, the population added.

The choice of Amsterdam over London by a company with roots in the British capital, where it has had a significant presence since it emerged from a private equity division of Citigroup in 1993, would be a blow to the London Stock Exchange.

Britain has struggled to attract large and successful listings in the wake of its exit from the EU, bringing an end to regulatory equivalence for financial services. It is working on reforms that seek to strengthen the list market.

If the plans go through, CVC would become the first major private equity firm to list on the stock exchange, in what will be a blockbuster. The buyouts group was valued at around €15 billion last year when it agreed to sell a minority stake to Blue Owl’s Dyal Capital unit.

CVC declined to comment.

Rival buyouts group Bridgepoint last year became London’s first major private equity firm in decades, raising £300 million. It used a model that allowed it to avoid sharing information with shareholders about the sums of money its top executives took home in the form of interest payments, a lucrative 20 percent share of profits on successful deals.

It is not clear whether the Amsterdam regulators would require CVC to disclose details about the interest payment. Shares of Bridgepoint rose in the wake of last summer’s listing, but have fallen 38 percent since the beginning of the year.

CVC already has plans in place that will allow it to keep most or all of the lucrative profits it makes from buying and selling companies in private hands, while handing public investors the proceeds of its smaller but more predictable management fee income.

The secretive group has $122 billion in assets under management, according to its website. It is best known for deals such as Formula 1, the Six Nations rugby tournament, the communications company Teneo and Unilever’s tea company.

CVC took steps last year to raise outside capital by selling a stake in Blue Owl’s Dyal Capital unit, and to increase its asset base by acquiring asset manager Glendower Capital.

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