Presentation of the Manager CVC Capital Partners

Dimitri Bernard: CVC is a historic player which was set up in the early 80s. We could even talk about an iconic brand, since CVC is the biggest Private Equity player in Europe. With Altaroc, we are invested in the number nine LBO fund, which is worth €26 billion. It's important to note that this is the biggest LBO fund ever raised, a testament to its success. However, we prefer reasonable company sizes, generally not exceeding €5 billion in valuation. This fund will therefore invest in around thirty companies. In terms of geography, it will devote two-thirds of its capacity to Europe, with the remainder mainly in North America. In terms of sectors, we will find all the sectors we favor at Altaroc, i.e. a balanced diversification across software, services, healthcare and consumer goods. CVC 's strategy is clearly characterized by value investing, i.e. a highly disciplined approach to purchase prices. It avoids highly competitive situations on near-perfect companies, as prices will generally be too high for them. Instead, they look for very good companies, but with great potential for improvement. In reality, CVC focuses on LBO transactions in our four target sectors, making price their main selection criterion. Perhaps 300 transactions are examined by the investment committee each year, and less than 5% are validated. Perhaps CVC's greatest competitive advantage lies in its global presence. With over 25 offices and more than 800 employees worldwide, every entrepreneur benefits from local proximity. Their historical presence, complemented by international sector expertise, gives them exceptional networks.