CVC Capital Partners has agreed to commit $1.1 billion to a private equity secondaries strategy managed by M&G, handing the UK asset manager a cornerstone allocation as it scales its presence in the fast-growing liquidity market. The deal underscores how secondaries have shifted from opportunistic trade to portfolio construction tool, offering large institutions a way to deploy size while managing duration and risk. The capital commitment from funds advised by CVC will support M&G’s 2025 PE Secondary Fund as it seeks out secondary interests in mature N. American mid-market buyout funds, as well as co-invest alongside managers M&G incorporates into the portfolio. “By partnering with CVC on this transaction, we are combining our joint sourcing capabilities, scale and expertise in secondary investing, which broadens what we can deliver for clients,” remarked Emmanuel Deblanc, Chief Investment Officer, Private Markets at M&G. CVC writes the check, M&G writes the playbook: a case of cash meets carry!