Important Notice

By accessing this Website, you acknowledge and agree to accept the following Terms of Use pertaining to the use of the Website, which constitute a legal agreement between you and CVC Capital Partners plc, Clear Vision Capital Fund SICAV-FIS S.A., each of their respective successors or assigns and any of their respective subsidiary undertakings (as that term is defined in section 1162 and Schedule 7 of the United Kingdom Companies Act 2006) (“CVC”).

This Website and the materials herein are intended for certain types of investors only and to persons in certain jurisdictions where the strategy is authorised for distribution.

Please choose from the following countries. By selecting a country from the list below, you certify that you are resident in that country. Should you be resident in a country that is not listed below, you cannot access the content of this Website.

Please select your investor type. By selecting an investor type from the below list, you certify that you qualify as that type of investor based on the definitions below.

A Professional investor is defined as:

  • any person or entity that is a credit institution, investment firm, other regulated financial institution, insurance company, collective investment scheme, pension fund or, for investors in the European Economic Area, persons or entities that qualify as a Professional Investor under AIFMD;
  • for investors in the United Kingdom, any person or entity that is a credit institution, investment firm, other regulated financial institution, insurance company, collective investment scheme, pension fund or any persons or entities that qualify as a Professional Investor under section 3.5 Conduct of Business Sourcebook of the FCA Handbook of Rules and Guidance;
  • for investors in Switzerland, any persons or entities (a) who is a Professional Client as defined in article 4(3) of the Swiss Federal Act on Financial Services (FinSA) or (b) a Private Client within the meaning of article 4(2) FinSA who is in a long-standing investment advisory- or investment management relationship with a regulated financial intermediary and who did not declare that they shall not be treated as qualified investors in accordance with article 10 (3ter) of the Swiss Federal Act on Collective Investment Schemes;
  • for investors in Hong Kong, any person or entity that is a bank, asset manager, insurer, an authorised fund, an individual with a portfolio of not less than HKD 8 million or any other person or entity that qualifies as a “professional investor” within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong (SFO) and any rules made under the SFO;
  • for investors in Singapore, investors should either be an “accredited investor” or an “institutional investor” as defined in section 4A of the Securities and Futures Act 2001 of Singapore (the "SFA").

Past performance does not predict future returns. There can be no assurance CVC Private Equity Strategies Funds S.A. SICAV (or any of its compartments, as the context requires, the “Fund”) will achieve its objectives or avoid significant losses.

This page and the content of this website is not an offer to sell the Fund’s securities and is not soliciting an offer to buy the Fund’s securities in any state where the offer or sale is not permitted.

Privacy Policy

Investment is only available in Germany to Non-Professional Investors that qualify as German semi-professional investors. 

German semi-professional investor” shall mean:

(1) any investor:

a)    who commits to invest a minimum of EUR 200,000;

b)    who states in a written document separate from the agreement on the investment commitment that it is aware of the risks associated with the intended commitment or investment;

c)    whose level of expertise, experience and knowledge has been assessed by the AIFM or the distributor engaged by it without assuming that the investor has the market expertise and experience of an investor as defined in Annex II Section 1 of Directive 2014/65/EU of May 15, 2014 on Markets and Financial Instruments;

d)    who has sufficiently convinced the AIFM or the distributor engaged by it that, having regard to the type of commitment or investment planned, they are in the position to make their own investment decisions and understand the risks associated with any such investment, and that any such commitment is reasonable for the investor in question; and

e)    who receive written confirmation from the AIFM or the distributor engaged by it that it has performed the assessment described under c) above and that the requirements set out under d) have been met;

(2)   any manager or employee of the AIFM as specified in section 37 paragraph 1 KAGB (as defined below), provided they invest in an AIF managed by the AIFM, or any member of management or the management board of an externally managed investment company, provided he/she invests in the externally managed investment company;

(3)   any investor who commits to invest at least EUR 10 million in any investment fund;

(4)    any investor in the legal form of:

a)    a public law institution (Anstalt des öffentlichen Rechts);

b)    a public law foundation (Stiftung des öffentlichen Rechts); or

c)    a company, of which the majority of interests/shares is held by the Federal Republic of Germany or a Federal State (Bundesland),

provided that at the time of the investment of such public-law institution, public-law foundation or company as described above the Federal Public of Germany or a Federal State (Bundesland) also invests in the Fund or is already invested in the Fund.

Informationen ausschließlich für professionelle und semi-professionelle Anleger

Sämtliche Informationen auf dieser Webseite insbesondere in Bezug auf den dargestellten Fonds, richtet sich in Deutschland ausschließlich an professionelle und semi-professionelle Anleger:

 

Professioneller Anleger

  • § 1 Abs. 19 Ziffer 32 KAGB Professioneller Anleger ist jeder Anleger, der im Sinne von Anhang II der Richtlinie 2014/65/EU als professioneller Kunde angesehen wird oder auf Antrag als ein professioneller Kunde behandelt werden kann.
 

Semi-professioneller Anleger

  • § 1 Abs. 19 Ziffer 33 KAGB

Semiprofessioneller Anleger ist, insbesondere

  1.   a) jeder Anleger,
  2.    aa) der sich verpflichtet, mindestens 200 000 Euro zu investieren,
  3.    bb) der schriftlich in einem vom Vertrag über die Investitionsverpflichtung getrennten Dokument angibt, dass er sich der Risiken im Zusammenhang mit de bereabsichtigten Verpflichtung oder Investition bewusst ist,
  4.    cc) dessen Sachverstand, Erfahrungen und Kenntnisse die AIF-Verwaltungsgesellschaft oder die von ihr beauftragte Vertriebsgesellschaft bewertet, ohne von der Annahme auszugehen, dass der Anleger über die Marktkenntnisse und -erfahrungen der in Anhang II Abschnitt I der Richtlinie 2014/65/EU genannten Anleger verfügt,
  5.    dd) bei dem die AIF-Verwaltungsgesellschaft oder die von ihr beauftragte Vertriebsgesellschaft unter Berücksichtigung der Art der beabsichtigten Verpflichtung oder Investition hinreichend davon überzeugt ist, dass er in der Lage ist, seine Anlageentscheidungen selbst zu treffen und die damit einhergehenden Risiken versteht und dass eine solche Verpflichtung für den betreffenden Anleger angemessen ist, und
  6.    ee) dem die AIF-Verwaltungsgesellschaft oder die von ihr beauftragte Vertriebsgesellschaft schriftlich bestätigt, dass sie die unter Doppelbuchstabe cc genannte Bewertung vorgenommen hat und die unter Doppelbuchstabe dd genannten Voraussetzungen gegeben sind,
  7.  b) ein in § 37 Absatz 1 KAGB genannter Geschäftsleiter oder Mitarbeiter der AIF-Verwaltungsgesellschaft, sofern er in von der AIF-Verwaltungsgesellschaft verwaltete AIF investiert, oder ein Mitglied der Geschäftsführung oder des Vorstands einer extern verwalteten Investmentgesellschaft, sofern es in die extern verwaltete Investmentgesellschaft investiert,
  8.  c) jeder Anleger, der sich verpflichtet, mindestens 10 Millionen Euro in ein Investmentvermögen zu investieren.

 

 Jeder Interessent ist verpflichtet, vor Nutzung dieser Webseite seinen Status als professioneller oder semi-professioneller Anleger gegenüber der AIF-Verwaltungsgesellschaft, bzw. der von ihr beauftragten Vertriebsgesellschaft zu bestätigen. Interessenten, die nicht professionelle oder semi-professionelle Anleger sind, dürfen nicht auf die Webseite zugreifen. Inhalte oder Informationen aus dieser Webseite dürfen nicht an Privatanleger weitergeben oder ihnen zugänglich gemacht werden.

Investment is only available in Italy to Non-Professional Investors that qualify as Italian semi-professional investors. 
Italian semi-professional investor” shall mean: any investor falling within the definition set out by Article 14, paragraph 2 of Ministry of Economy and Finance Decree No. 30 of 2015, being: (i) an investor subscribing or purchasing units or shares of an EU AIF for an amount not lower than EUR500,000 (such minimum subscription being indivisible); (ii) an investor subscribing or purchasing units or shares of an EU AIF in the context of the provision of the service of investment advice, for not less than EUR100,000, provided that, as a result of the subscription or purchase, the aggregate investment of such investor in the relevant EU AIFs does not exceed 10% of its financial portfolio (such minimum subscription being indivisible); and (iii) an intermediary licensed to provide portfolio management services that in the context of the provision of such service subscribes or purchases units or shares of the relevant EU AIF for an amount not lower than EUR100,000 on behalf of semi-professional investors.

Investment is only available in Singapore to Accredited Investors and Institutional Investors.

The category of persons which the Monetary Authority of Singapore (the “MAS”) has prescribed as falling within the definition of “accredited investor” under the SFA is as follows:

(a) an individual whose net personal assets exceed in value two million Singapore Dollars (S$2,000,000) (or its equivalent in value in foreign currency), and in determining the value of such net personal assets for the purposes of this sub-paragraph (a), the value of the primary residence:
  (i) has been calculated by deducting any outstanding amounts in respect of any credit facility that is secured by the residence from the estimated fair market value of the residence; and
  (ii) has been taken to be the lower of:
    (1) the value calculated under sub-paragraph (a)(i) above; and
    (2) one million Singapore Dollars (S$1,000,000).

(b) an individual whose financial assets (net of any related liabilities) exceed in value one million Singapore Dollars (S$1,000,000) (or its equivalent in value in foreign currency), and for the purposes of this sub-paragraph (b), “financial asset” means a “deposit” as defined in section 4B of the Banking Act 1970 of Singapore (the “Banking Act”), an “investment product” as defined in section 2(1) of the Financial Advisers Act 2001 of Singapore (the “FAA”), or any other asset as may be prescribed by the MAS.
(c) an individual whose income in the preceding 12 months is not less than three hundred thousand Singapore Dollars S$300,000 (or its equivalent in foreign currency).
(d) a corporation with net assets exceeding ten million Singapore Dollars (S$10,000,000) in value (or its equivalent in a foreign currency) or such other amount as the MAS may prescribe in place of the first amount, as determined by (1) the most recent audited balance sheet of the corporation; or (2) where the corporation is not required to prepare audited accounts regularly, a balance-sheet certified by a board of directors of the corporation as giving a true and fair view of the corporation’s affairs as of the date of the balance-sheet, which date shall be within the preceding 12 months.
(e) an entity (other than a corporation) with net assets exceeding ten million Singapore Dollars (S$10,000,000) in value (or its equivalent in a foreign currency).
(f) a partnership (other than a limited liability partnership within the meaning of the Limited Liability Partnership Act 2005 of Singapore (“LLPA”)) in which each partner is an “accredited investor”.
(g) a partnership (other than a limited liability partnership within the meaning of the Limited Liability Partnership Act 2005 of Singapore (“LLPA”)) in which each partner is an “accredited investor”.
(h) a person who holds a joint account with an accredited investor, in respect of dealings through that joint account.
(i) the trustee of a trust1 all the beneficiaries of which are accredited investors within the meaning set out in any of paragraphs (a) through (h) above.
(j) the trustee of a trust1 all the settlors of which:
  (i) are accredited investors within the meaning set out in any of paragraphs (a) through (h) above;
  (ii) have reserved to themselves all powers of investment and asset management functions under the trust; and
  (iii) have reserved to themselves the power to revoke the trust.
(k) the trustee of a trust1 the subject matter of which exceeds ten million Singapore Dollars (S$10,000,000) in value (or its equivalent in a foreign currency).

(l) The category of persons which the MAS has prescribed as falling within the definition of “institutional investor” under the SFA is as follows:

the Singapore government.
a statutory board prescribed by regulation 4(1) of the Securities and Futures (Classes of Investors) Regulations 2018 (the “SF(CI)R”) read with the Second Schedule to the SF(CI)R.
an entity that is wholly and beneficially owned, whether directly or indirectly, by a central government of a country and whose principal activity is:
(i) to manage its own funds;
(ii) to manage the funds of the central government of that country (which may include the reserves of that central government and any pension or provident fund of that country); or
(iii) to manage the funds (which may include the reserves of that central government and any pension or provident fund of that country) of another entity that is wholly and beneficially owned, whether directly or indirectly, by the central government of that country.
an entity:
(i) that is wholly and beneficially owned, whether directly or indirectly, by the central government of a country; and
(ii) whose funds are managed by an entity mentioned in paragraph (c) above.
a central bank in a jurisdiction other than Singapore.
a central government in a country other than Singapore.
an agency (of a central government in a country other than Singapore) that is incorporated or established in a country other than Singapore.
a multilateral agency, international organisation or supranational agency prescribed by regulation 4(2) of the SF(CI)R read with the Third Schedule to the SF(CI)R.
a bank that is licensed under the Banking Act.
a merchant bank that is licensed under the Banking Act.

a finance company that is licensed under the Finance Companies Act 1967 of Singapore (the “FCA”).

a company or co-operative society that is licensed under the Insurance Act 1966 of Singapore (the “Insurance Act”) to carry on insurance business in Singapore.

a company licensed under the Trust Companies Act 2005 of Singapore (the “TCA”).

the holder of a capital markets services licence.
an approved exchange.
a recognised market operator.
an approved clearing house.
a recognised clearing house.
a licenced trade repository.
a licenced foreign trade repository.
a corporation that is approved by the MAS under Section 81W of the SFA as an approved holding company.
a Depository as defined in Section 81SF of the SFA.
an entity or a trust formed or incorporated in a jurisdiction other than Singapore, which is regulated for the carrying on of any financial activity in that jurisdiction by a public authority of that jurisdiction that exercises a function that corresponds to a regulatory function of the MAS under the SFA, the Banking Act, the FCA, the Financial Services and Markets Act 2022 of Singapore, the Monetary Authority of Singapore Act 1970 of Singapore, the Insurance Act, the TCA or such other Act as may be prescribed by regulations made under Section 341 of the SFA.
a pension fund.
a collective investment scheme.
a person (other than an individual) who carries on the business of dealing in bonds with “accredited investors” or “expert investors” (within the meaning of the SFA).
the trustee of such trust as the MAS may prescribe, when acting in that capacity.

a designated market-maker (as defined in the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations of Singapore (the “SFLCB Regulations”)).

a headquarters company or Finance and Treasure Centre which carries on a class of business involving fund management, where such business has been approved as a qualifying service in relation to that headquarters company or Finance and Treasure Centre under section 43E(2)(a) or 43G(2)(a) of the Income Tax Act 1947 of Singapore as the case may be.
a person who undertakes fund management activity (whether in Singapore or elsewhere) on behalf of not more than 30 qualified investors (as that term is defined under the Second Schedule to the SFLCB Regulations).
a Service Company which carries on business as an agent of a member of Lloyd’s (as the terms “agent”, in relation to a member of Lloyd’s, “Lloyd’s”, “member of Lloyd’s” and “Service Company” are defined in the Insurance (Lloyd’s Asia Scheme) Regulations).
a corporation the entire share capital of which is owned by an institutional investor or by persons all of whom are institutional investors.
a partnership (other than a limited liability partnership within the meaning of the LLPA) in which each partner is an institutional investor.
1. For the avoidance of doubt, any reference to “trust” includes a bare trust.

Investment is only available in Switzerland to Regulated Qualified Investors and Qualified Investors.

A “Regulated Qualified Investor”is one of the following:

(a) a financial intermediary pursuant to the Banking Act dated November 8, 1934, as amended, the Financial Institutions Act dated June 15, 2018 or the CISA, as amended;
(b) a financial intermediary pursuant to the Banking Act dated November 8, 1934, as amended, the Financial Institutions Act dated June 15, 2018 or the CISA, as amended;
(c) a financial intermediary pursuant to the Banking Act dated November 8, 1934, as amended, the Financial Institutions Act dated June 15, 2018 or the CISA, as amended;
(d) a central bank; and

(e) a national or supranational public entity with professional treasury operations;1

A “Qualified Investor” (as defined in CISA (where applicable, in connection with Articles 4 and 5 of FinSA)), is one of the following:

(a) a public entity with professional treasury;1
(b) an occupational pension scheme with professional treasury operations or another institution which serves the purpose of an occupational benefits scheme with professional treasury operations;1
(c) a company with professional treasury operations;1
(d) a large company, because it is a company which exceeds two of the following parameters: i) balance sheet total of CHF 20 million; ii) turnover of CHF 40 million; iii) equity of CHF 2 million;
(e) a private investment structure with professional treasury operations established for high-net-worth retail clients;2
(f) a private investment structure with professional treasury operations established for high-net-worth retail clients;
(g) an investment structure created for a high net worth individual and has requested in writing to be treated as a professional client (opt-out);3
(h) a retail client for whom discretionary asset management or investment advisory services are being provided by a regulated financial intermediary according to FinSA Article 4 paragraph 3 lit. a or a foreign asset manager subject to equivalent prudential supervision in accordance with a long-term written agreement and who has not declared that it does not want to be treated as a Qualified Investor.

1. A company has professional treasury operations where it entrusts, on a permanent basis, the management of its funds to a professionally qualified person with experience in the financial sector.

2. A private investment structure has professional treasury operations where it entrusts, on a permanent basis, the management of its funds to a professionally qualified person with experience in the financial sector.

3. This means that the relevant individual must: i) hold assets of at least CHF 500,000 and have sufficient professional knowledge or experience to understand the risks related to an investment in the Fund; or ii) hold bankable assets of at least CHF 2,000,000.

Investment is only available in the UK to Non-Professional Investors that qualify as Exempt retail investors. 

Exempt retail investor” shall mean:

(a) An “investment professional” within the meaning of Article 14(5) of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (as amended) (the “CIS Promotion Order”) or Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005 (the “Financial Promotion Order”), as applicable, by falling into one of the following categories (please check the category which applies):

(1) a Person authorised by the Prudential Regulation Authority or the Financial Conduct Authority in the UK;

(2) a Person exempt further to an exemption order granted under Section 38(1) of the Financial Services and Markets Act 2000;

(3) a Person:

  • whose ordinary activities involve it participating in unregulated collective investment schemes for the purposes of a business carried on by it; or
  • who it is reasonable to expect will so participate for the purposes of a business carried out by it; or
  • (4) a government, local authority or an international organisation.

    (b) a government, local authority or an international organisation.
  • if the Applicant has more than 20 members or is a subsidiary undertaking of an undertaking which has more than 20 members, £500,000; or
  • £5 million.
  • (c) An unincorporated association or partnership that has net assets of not less than £5 million.
    (d) The trustee of a trust with cash and investments with an aggregate value of at least £10 million.
    (e) A person falling within the definition of “certified high net worth individuals” within Article 21 of the CIS Promotion Order or Article 48 of the Financial Promotion Order (as applicable).

    (f) A person falling within the definition of “Self-Certified Sophisticated Investor” within Article 23A of the CIS Promotion Order or Article 50a of the Financial Promotion Order (as applicable).

    (g) A Person to whom the Fund Documents may otherwise lawfully be made available in accordance with the Financial Services and Markets Act 2000 and the CIS Promotion Order, Section 4.12B of the Conduct of Business Sourcebook of the FCA Rules or the Financial Promotion Order, as applicable.

    Eligibility Confirmation

    The information on this Website is only intended for investors who meet the specified eligibility criteria.

    CVC is not providing investment advice. You should consult an authorised person specialising in advising on investments prior to making any investment.

    Do not invest unless you are prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong.

    Important Information

    You must read the following information before proceeding to the Website. The following important information, together with the information available at the Terms of use and Privacy Policy governs your use of this Website. Your use of this Website and the materials herein constitutes your acceptance of these terms of use. If you do not agree with the terms of use, you should immediately cease use of the Website and review of the materials.

    This Website is a marketing communication. The prospectus and the Key information document (KID) contain information about the Fund. All investors are urged to carefully read the prospectus and KID in their entirety before making an investment decision.

    No Offer of Securities or Investment Advice: This Website and the materials herein are presented for informational purposes only. Neither the Website nor the materials herein constitutes a solicitation or offer by CVC to buy or sell any securities of any kind or provide any investment advice or service. This Website does not provide specific investment advice to any individual viewing the content of the Website and does not represent that the securities or services described herein are suitable for any specific investor.

    Risks Associated with Investing: Please refer to the Risk Summary set out below.

    Past performance does not predict future returns. There can be no assurance the Fund will achieve its objectives or avoid significant losses.

    Certain information on this Website has been obtained from sources that CVC believes to be reliable as of the date presented; however, CVC cannot guarantee the accuracy of such content, assure its completeness, or warrant that such information will not be changed. In particular, (i) pricing information is estimated and unaudited and (ii) commentary on specific securities, if any, reflects the author’s analysis. The information on this Website is current as of the publication date indicated. CVC is under no obligation to update the information to reflect changes after the publication date.

    The information contained herein may not be reproduced or otherwise disseminated in whole or in part without the prior written consent of CVC.

    By clicking the below checkbox, I confirm that the information provided on the prior page and above relating to my investor type and country of residence is accurate, and I accept and acknowledge the important information above, together with the information available at the Terms of use and Privacy Policy of this Website.

    Notice to Investors in Singapore

    Investment is only available to persons in Singapore who qualify as “accredited investors” or “institutional investors” as defined in the Securities and Futures Act 2001 of Singapore (the “SFA“).

    (1) The category of persons which the Monetary Authority of Singapore (the “MAS“) has prescribed as falling within the definition of “accredited investor” is defined in section 4A(1)(a) of the SFA to mean:

    • (a) an individual:
      • (i) whose net personal assets exceed in value S$2 million (or its equivalent in a foreign currency) or such other amount as the MAS may prescribe in place of the first amount, and in determining the value of the individual’s net personal assets for the purposes of this paragraph ‎(i), the value of the individual’s primary residence:
        • (A) is to be calculated by deducting any outstanding amounts in respect of any credit facility that is secured by the residence from the estimated fair market value of the residence; and
        • (B) is to be taken to be the lower of:
          • (BA) the value calculated under sub-paragraph ‎(A) above, and
          • (BB) S$1 million;
      • (ii) whose financial assets (net of any related liabilities) exceed in value S$1 million (or its equivalent in a foreign currency) or such other amount as the MAS may prescribe in place of the first amount, where “financial asset” means:
        • (A) a deposit (as defined in section 4B of the Banking Act 1970 of Singapore (the “Banking Act“));
        • (B) an investment product (as defined in section 2(1) of the Financial Advisers Act 2001 of Singapore (the “FAA“)); or
        • (C) any other asset as may be prescribed by regulations made under section 341 of the SFA; or
      • (iii) whose income in the preceding 12 months is not less than S$300,000 (or its equivalent in a foreign currency) or such other amount as the MAS may prescribe in place of the first amount;
    • (b) a corporation with net assets exceeding S$10 million in value (or its equivalent in a foreign currency), as determined by:
      • (i) the most recent audited balance sheet of the corporation; or
      • (ii) where the corporation is not required to prepare audited accounts regularly, a balance sheet of the corporation certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance sheet, which date shall be within the preceding 12 months;
    • (c) the trustee of such trust as the MAS may prescribe, when acting in that capacity. The following trusts are prescribed under regulation 2(1) of the Securities and Futures (Classes of Investors) Regulations (“SF(CI)R“):
      • (i) any trust all the beneficiaries of which are accredited investors within the meaning of section 4A(1)(a)(i), (ii) or (iv) of the SFA;
      • (ii) any trust all the settlors of which:
        • (A) are accredited investors within the meaning of section 4A(1)(a)(i), (ii) or (iv) of the SFA;
        • (B) have reserved to themselves all powers of investment and asset management functions under the trust; and
        • (C) have reserved to themselves the power to revoke the trust;
      • (iii) any trust the subject matter of which exceeds S$10 million (or its equivalent in a foreign currency) in value.
      • To avoid doubt, any reference to “trust” in paragraph (i), (ii) and (iii) above includes a bare trust; or
    • (d) such other person as the MAS may prescribe. The current list of prescribed persons are:
      • (i) an entity (other than a corporation) with net assets exceeding S$10 million (or its equivalent in a foreign currency) in value;
      • (ii) a partnership (other than a limited liability partnership within the meaning of the Limited Liability Partnerships Act 2005 of Singapore (the “LLPA“)) in which every partner is an accredited investor;
      • (iii) a corporation the entire share capital of which is owned by one or more persons, all of whom are accredited investors; and
      • (iv) a person who holds a joint account with an accredited investor, in respect of dealings through that joint account.
      •  

    (2) The category of persons which the MAS has prescribed as falling within the definition of “institutional investor” is defined in section 4A(1)(c) of the SFA to mean:

    • (a) the government of Singapore;
    • (b) a statutory board prescribed by Regulation 4(1) of the SF(CI)R read with the Second Schedule to the SF(CI)R;
    • (c) an entity that is wholly and beneficially owned, whether directly or indirectly, by a central government of a country and whose principal activity is:
      • (i) to manage its own funds;
      • (ii) to manage the funds of the central government of that country (which may include the reserves of that central government and any pension or provident fund of that country); or
      • (iii) to manage the funds (which may include the reserves of that central government and any pension or provident fund of that country) of another entity that is wholly and beneficially owned, whether directly or indirectly, by the central government of that country;
    • (d) any entity:
      • (i) that is wholly and beneficially owned, whether directly or indirectly, by the central government of a country; and
      • (ii) whose funds are managed by an entity mentioned in paragraph ‎(c) above;
    • (e) a central bank in a jurisdiction other than Singapore;
    • (f) a central government in a country other than Singapore;
    • (g) an agency (of a central government in a country other than Singapore) that is incorporated or established in a country other than Singapore;
    • (h) a multilateral agency, international organisation or supranational agency prescribed by Regulation 4(2) of the SF(CI)R read with the Third Schedule to the SF(CI)R;
    • (i) a bank that is licenced under the Banking Act;
    • (j) a merchant bank that is licenced under the Banking Act;
    • (k) a finance company licenced under the Finance Companies Act 1967 of Singapore (the “FCA“);
    • (l) a company or co-operative society that is licenced under the Insurance Act 1966 of Singapore (the “Insurance Act“) to carry on insurance business in Singapore;
    • (m) a company licenced under the Trust Companies Act 2005 of Singapore (the “TCA“);
    • (n) a holder of a capital markets services licence;
    • (o) an approved exchange;
    • (p) a recognised market operator;
    • (q) an approved clearing house;
    • (r) a licenced trade repository;
    • (s) a licenced foreign trade repository;
    • (t) an approved holding company;
    • (u) a Depository as defined in section 81SF of the SFA;
    • (v) an entity or a trust formed or incorporated in a jurisdiction other than Singapore, which is regulated for the carrying on of any financial activity in that jurisdiction by a public authority of that jurisdiction that exercises a function that corresponds to a regulatory function of the MAS under the SFA, the Banking Act, the FCA, the Financial Services and Markets Act 2022 of Singapore, the Monetary Authority of Singapore Act 1970 of Singapore, the Insurance Act, the TCA or such other Act as may be prescribed by regulations made under section 341 of the SFA;
    • (w) a pension fund, or collective investment scheme, whether constituted in Singapore or elsewhere;
    • (x) a person (other than an individual) who carries on the business of dealing in bonds with accredited investors or expert investors;
    • (y) the trustee of such trust as the MAS may prescribe, when acting in that capacity;
    • (z) such other person as the MAS may prescribe. The current list of prescribed persons under the SF(CI)R is:
      • (i) a designated market‑maker (as defined in paragraph 1 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (the “SF(LCB)R“));
      • (ii) a “headquarters company” or “Finance and Treasury Centre” (each as defined in paragraph 1 of the Second Schedule to the SF(LCB)R) which carries on a class of business involving fund management, where such business has been approved as a qualifying service in relation to that headquarters company or Finance and Treasury Centre under section 43E(2)(a) or 43G(2)(a) of the Income Tax Act 1947 of Singapore;
      • (iii) a person who undertakes fund management activity (whether in Singapore or elsewhere) on behalf of not more than 30 “qualified investors” (as defined in paragraph 5(3) of the Second Schedule to the SF(LCB)R);
      • (iv) a “Service Company” which carries on business as an “agent” of a “member of Lloyd’s” (each as defined in Regulation 2 of the Insurance (Lloyd’s Asia Scheme) Regulations (Cap. 142, Rg 9));
      • (v) a corporation the entire share capital of which is owned by an institutional investor or by persons all of whom are institutional investors; or
      • (vi) a partnership (other than a limited liability partnership within the meaning of the LLPA) in which each partner is an institutional investor.
    Risk Summary
    risk summary chart

    Risk of Capital Loss and No Assurance of Investment Return.

    This investment is speculative and long-term with no certainty of return. This investment involves a significant risk of capital loss and should only be made if an investor can afford the loss of its entire investment. There are no guarantees or assurances regarding the achievement of investment objectives or performance. In considering any investment performance information contained in this Website, recipients should bear in mind that past performance does not predict future returns. The performance information given in this Website, if any, relates only to the past activities of CVC Capital Partners plc, Clear Vision Capital Fund SICAV-FIS S.A., each of their respective successors or assigns and any of their respective subsidiary undertakings (as that term is defined in section 1162 and Schedule 7 of the United Kingdom Companies Act 2006) (“CVC”), and/or funds or accounts managed by CVC, not to CVC Private Equity Strategies Funds S.A. SICAV (or any of its compartments, as the context requires, the “Fund”). The past performance of CVC and any funds or accounts managed or advised by CVC provides no assurance of future returns or results of the investments. The Fund cannot provide assurance that it will be able to choose, make and realise investments in any particular company. There is no assurance that the Fund will be able to generate returns for its investors or that the returns will be commensurate with the risks of investing in the type of companies and transactions described herein. Furthermore, the Fund’s performance over a particular period may not necessarily be indicative of the results that may be expected in future periods.

    Limited Operating History: Relation to Prior Investment Results.

    The Fund has not commenced operations and therefore has no operating history upon which prospective investors may evaluate its performance. As a result of the Fund’s highly customised investment program and investment limitations, there is no assurance that the Fund will receive sufficient investment opportunities to deploy all of its capital, even in a circumstance where other funds or accounts managed or advised by CVC are fully or nearly fully deployed.

    Difficulty and Cost of Locating Suitable Investments.

    There is no guarantee that suitable deal flow will be available so that the Fund will be able to invest in investments or that any such investments will be successful. The success of the Fund depends on the ability of CVC to identify, select, effect and realise appropriate investments. Accordingly, the Fund may only make a limited number of investments. Since these investments may involve a high degree of risk, poor performance by a few could significantly affect the return to investors. To the extent that any of the available capital is not invested, the Fund’s potential for return may be diminished. The investment industry in which the Fund will be engaged is highly competitive. The activity of identifying, completing and realising on attractive investments that fall within the Fund’s objective is highly competitive and involves a high degree of uncertainty and will be subject to market conditions. The Fund expects to encounter competition from other entities having similar investment objectives. There can be no certainty that CVC will identify a sufficient number of attractive investment opportunities to enable the full amount of capital committed to, or otherwise available to, the Fund to be invested effectively or at all. No assurances can therefore be given that the target returns of the Fund or any investment will be achieved.

    Investment and Market Risk.

    General economic conditions may affect the Fund’s activities. Changing economic, political, regulatory or market conditions or events, such as interest rates, the availability of credit, currency exchange rates, trade barriers, natural disasters, epidemics and pandemics, globally and in the jurisdictions and sectors in which the Fund invests or operates, general levels of economic activity, the price of securities and debt instruments and participation by other investors in the financial markets, may affect the availability of investment opportunities for the Fund and/or the value and number of investments made by the Fund or considered for prospective investment. The value of investments may also fluctuate in accordance with changes in the financial condition of portfolio companies and other factors that affect the markets in which the Fund invests. Economic, political, regulatory or market developments can affect a single investment, or multiple investments within an industry, economic sector or geographic region, or the market as a whole. Events such as war (e.g., Russia/Ukraine), acts of terrorism, public health issues like pandemics or epidemics (e.g., COVID-19), recessions, or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession and have a significant impact on the Fund and its investments. The recovery from such downturns is uncertain and may last for an extended period of time or result in significant volatility, and many of the risks discussed herein associated with an investment in the Fund may be increased.

    Legal, Tax and Regulatory Risks.

    Legal, tax and regulatory changes could occur during the term of the Fund that may adversely affect the Fund. The regulatory environment for private investment funds is evolving, and changes in the regulation of private investment funds (including alternative investment funds) may adversely affect the value of investments held by the Fund and the ability of the Fund to effectively employ its investment and trading strategies. Increased scrutiny and newly proposed legislation applicable to private investment funds and their sponsors may also impose significant administrative burdens on CVC and may divert time and attention from portfolio management activities. In addition, and in light of the changing global regulatory climate, the Fund may be required to register under certain foreign laws and regulations, and need to engage distributors or other agents in certain non-U.S. jurisdictions in order to market interests of the Fund to potential investors. An investment in the Fund may be subject to increasing regulation and governmental oversight and there can be no assurance that such rules will not require various investor disclosures to, among others, domestic and foreign governmental or self-regulatory authorities. The effect of any future regulatory change on the Fund could be substantial and adverse. In addition, the futures markets, debt markets, and other financial and capital markets are subject to comprehensive statutes, regulations and margin requirements. The U.S. Securities and Exchange Commission, the European Securities and Markets Authority, the Commission de Surveillance du Secteur Financier, other regulators and self-regulatory organisations and exchanges are authorised to take extraordinary actions in the event of market emergencies. Prospective investors should note that the tax treatment of each investor, and of any investor, and of any investment, depends on individual circumstances and may be subject to change in the future.

    Broad Investment Mandate.

    Except as set forth in the governing documentation of the Fund, the Fund shall not be limited or restricted in the industries, sectors, geographies, transaction types, structures, instruments, obligations or assets in which it may invest or the specific investment strategies and techniques that may be employed by it. It will be permitted to invest (and may actually invest) in investments of any number of issuers operating in a wide range of industries or activities utilising a wide variety of structuring techniques. Its portfolio may be concentrated at various points in time, including, for example, with respect to the number of investments included in the portfolio (which may be particularly limited when it commences its investing activities), the nature of such investments and the geographies or industry sectors represented by the issuers in which the Fund invests.

    Non-Controlling Investments and/or Investments with Third Parties in Joint Ventures and Other Entities.

    It is expected that the Fund will hold non-controlling interests in most issuers and, therefore, may have no right to appoint a director and to influence such companies’ management. Similarly, the Fund may co-invest with third parties through joint ventures, other entities or similar arrangements, thereby acquiring non-controlling interests in certain investments. In such cases, the Fund will be significantly reliant on the existing management, board of directors and other shareholders of such companies, which may include representation of other financial investors with whom the Fund is not affiliated and whose interests may conflict with the interests of the Fund. Moreover, in the case where the Fund co-invests alongside other persons (including other funds or accounts managed or advised by CVC), such investments may involve risks not present in investments where a third party is not involved, including the possibility that a third party partner or co-venturer may have financial difficulties resulting in a negative impact on such investment, may have economic or business interests or goals which are inconsistent with those of the Fund, may be in a position to take (or block) action in a manner contrary to the Fund’s investment objectives, or the increased possibility of default, diminished liquidity or insolvency by the third party partner or co-venturer due to a sustained or general economic downturn.

    Lack of Liquidity.

    Interests in the Fund are or will be highly illiquid. CVC have implemented a periodic redemption program with respect to interests in the Fund, but there is no guarantee CVC will be able to make any redemptions, either at the time or at all. Any redemptions are subject to available liquidity and other significant restrictions. To the extent that we are able to make redemptions, only a limited number of Interests will be eligible for redemption.

    Use of Borrowings/Leverage.

    The Fund intends to employ leverage in order to finance the operations of the Fund and its investments. Such leverage will increase the exposure of an investment to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the condition of the investment. Borrowings by the Fund (or by an affiliate thereof) have the potential to enhance the Fund’s returns, however, they will further diminish returns (or increase losses on capital) to the extent overall returns are less than the Fund’s cost of funds. As a general matter, the presence of leverage can accelerate losses. There can be no assurance that the Fund will have sufficient cash flow to meet its debt service obligations. This leverage may also subject the Fund’s investments to restrictive financial and operating covenants, which may limit flexibility in responding to changing business and economic conditions. For example, leveraged entities may be subject to restrictions on making interest payments and other distributions. Leverage at an investment may impair such investment’s ability to finance its future operations and capital needs. Moreover, any rise in interest rates may significantly increase an investment’s interest expense, causing losses and/or the inability to service its debt obligations. If an investment cannot generate adequate cash flow to meet debt obligations, the Fund may suffer a partial or total loss of capital invested in such investment. In addition, the Fund may have to make exceptions to, modify or suspend, in whole or in part, the redemption programme of any sub-fund further to the occurrence of an event of default or similar event under a financing arrangement. Furthermore, the amount of leverage used to finance an investment may fluctuate over the life of an investment.

    Reliance on Key Management Personnel.

    The success of the Fund will depend, in large part, upon the skill and expertise of certain CVC professionals. In the event of the death, disability or departure of any key CVC professionals, the business and the performance of the Fund may be therefore adversely affected. Some CVC professionals may have other responsibilities, including senior management responsibilities, throughout CVC and, therefore, conflicts are expected to arise in the allocation of such personnel’s time (including as a result of such personnel deriving financial benefit from these other activities, including fees and performance-based compensation).

    Valuations.

    The valuation methodologies used to value certain of the Fund’s investment may change over time and have subjective elements. Valuations are subject to determinations, judgements, opinions, and will, in certain circumstances, not be accurate, and other third parties or investors may disagree with such valuations. Valuation methodologies will also involve assumptions and opinions about future events, which may or may not turn out to be correct. Valuation methodologies may permit reliance on a prior period valuation of particular Investments. Ultimate realisation of the value of an investment depends to a great extent on economic, market and other conditions beyond CVC’s control. Accordingly, the carrying value of an investment may not reflect the price at which such investment could be sold in the market, and the difference between carrying value and the ultimate sales price could be material. There will be no retroactive adjustment in the valuation of such assets, the net asset value per share, the price that the Fund paid to redeem the shares, NAV-based fees, fees it paid, directly or indirectly, to CVC or amounts allocated to CVC to the extent such valuations prove to not accurately reflect the realisable value of the Fund’s investments or the value as set out in financial statements issued subsequent to such valuation. While CVC believes that the NAV calculation methodologies are consistent with standard industry practices, there are other methodologies available to calculate NAV of the Fund (and its constituent entities).

    Investors Have No Management Rights.

    Investors in the Fund will have no control over the Fund’s or any Fund’s day-to-day operations and investment decisions, and the investors of such Fund must rely on the Fund and/or, to the extent appropriate, CVC and its agents to conduct and manage the affairs of such Fund.

    Currency and Exchange Rate Risk.

    A substantial portion of the Fund’s assets may be denominated in a currency that differs from the functional currency of the Fund or an investor’s functional currency. Consequently, the return realised on any investment by such investor may be adversely affected by movements in currency exchange rates over the holding period of such investment and the life of the Fund generally, costs of conversion and exchange control regulations, in addition to the performance of the investment itself. The value of an investment may fall substantially as a result of fluctuations in the currency of the country in which the investment is made compared to the functional currency of the Fund and/or the investor’s functional currency. CVC may (but is not obliged to) endeavour to manage currency exposures in countries that do not use the functional currency of the Fund as their primary currency, using appropriate hedging techniques where available and appropriate, however there are not assurances that such hedging techniques will be utilised or, if used, will be successful and/or will benefit any investor. Additionally, costs related to currency hedging arrangements will be borne by the Fund. There can be no assurance that adequate hedging arrangements will be available on an economically viable basis.

    Conflicts of Interest; Allocation of Investment Opportunities.

    The Fund is subject to certain conflicts of interest arising out of its relationships, including as a result of the fact that CVC provides investment management, advisory and sub-advisory services to the Fund as well as other funds, vehicles and separately managed accounts. There is no guarantee that the applicable policies and/or agreements can adequately address or mitigate these conflicts of interest, or that CVC will identify or resolve all conflicts of interest in a manner that is favorable to the Fund.

    Warehoused Investments.

    All decisions to make any investments in investments that have been warehoused by members of CVC and/or funds or accounts managed or advised by CVC and/or to make investments acquired with CVC seed capital will be in the discretion of CVC, and shareholders will not have an opportunity to evaluate or approve such investments or their terms. In addition, CVC will determine, in their discretion, when to transfer such warehoused investments, directly or indirectly, to a Fund and/or cause a Fund to use the capital contributed by the shareholders to, directly or indirectly, redeem such CVC seed investment, which will affect the amount that will be paid to CVC and/or funds or accounts managed or advised by CVC (as applicable) upon such transfer and/or redemption. Conflicts of interest will arise in connection with the foregoing transactions.

    Performance Based Compensation.

    The existence of the performance fees and management fees may create a potential incentive for the Fund to make more speculative investments or to time the purchase or sale of investments in a manner motivated by the personal interest of CVC executives than if such profit-based compensation did not exist, as the recipient (and the recipients of carried interest in respect of the relevant CVC fund) receive a disproportionate share of profits above the preferred return hurdle (if any) for the relevant CVC fund or co-investment. Furthermore, upon the liquidation of a CVC fund or a co-investment vehicle, the recipient (and the recipients of carried interest in respect of the relevant CVC fund) may receive carried interest with respect to a distribution in-kind of non-marketable securities. The amount of compensation will be dependent on the valuation of the non-marketable securities distributed, which, in relevant cases, will be determined by the manager, general partner and/or operator of the relevant CVC fund or co-investment vehicle (as applicable) and could incentivise such manager, general partner and/or operator (which may be the same as CVC) to value the securities higher than if there were no performance-based compensation.

    Risk of Certain Events Related to CVC.

    A bankruptcy, change of control, restructuring or other significant event relating to CVC could cause CVC and/or the Fund to have difficulty retaining personnel or may otherwise adversely affect CVC and/or the Fund and the Fund’s ability to achieve its investment objective.

    Broad and Wide-Ranging Activities.

    As a global alternative asset manager, CVC engages and is authorised to engage in a broad spectrum of activities, including financial advisory and/or management services, investment management, sponsoring and managing private and public investment funds, advising CLOs, separately managed accounts, co-investment vehicles, other private funds, and other activities, including the provision of broker-dealer services. In the ordinary course of its business, CVC engages in activities where its interests or the interests of its clients may conflict with the interests of the Fund and its Investors. CVC may enter into one or more strategic relationships in certain regions or with respect to certain types of investments that, although may be intended to provide greater opportunities for CVC, may require CVC to share such opportunities or otherwise limit the amount of an opportunity CVC can otherwise take. Conflicts of interest that arise between the Fund, on the one hand, and any member of CVC, any existing or future affiliated fund or any other fund or account managed or advised by CVC, on the other hand, generally will be considered on a case-by-case basis by senior management of CVC and representatives of the Fund and CVC, who will in many circumstances be the same individuals. Any such discussions will take into consideration the interests of the relevant parties and the circumstances giving rise to the conflict. The board of managers of the Fund will have the power to resolve, or consent to the resolution of, conflicts of interest on behalf of, and such resolution will be binding on, the Fund. Investors should be aware that conflicts will not necessarily be resolved in favour of the Fund and the investors.

    Participation in the Fund by CVC.

    CVC may agree to one or more CVC Entities, and/or its current and/or former senior advisors, officers, directors and personnel or its affiliates, charitable programs, endowment funds and related entities established by or associated with any of the foregoing and/or any other persons related to CVC (each, a “CVC Related Person”), purchasing shares or units of the Fund or its relevant holding
    entities or otherwise making amounts available for the benefit of the Fund (directly or indirectly),including (without limitation) for the purposes of: (i) providing a source of liquidity to the Fund, (ii) providing seed capital for prospective investments, and (iii) enabling such CVC Entities and/or CVC Related Persons to participate in respect of any matter in which shareholder or unitholder may cast votes. Such participation may be made on economic terms preferential to other shareholders or unitholders (and such other terms CVC
    considers reasonable having regard to the circumstances). In addition, by virtue of the CVC Related Persons’ affiliation with CVC, such CVC Related Persons may have more information about the Fund and its investments than other shareholders or unitholders and will have access to information (including, but not limited to, valuation reports) in advance of communication to other shareholders or unitholders. As a result, such CVC Related Persons may be able to take actions on the basis of such information which, in the absence of such information, other shareholders or unitholders do not take. Such participation by one or more CVC Entity and/or CVC Related Persons or its/their affiliates, and their interests as investors in the Fund, may conflict with the interests of the Fund and its other investors (and may have the effect of diluting the shares of other investors).

    Global Distributor.

    The global distributor for the Fund is the alternative investment fund manager of the Fund. Any material adverse change to the ability of the global distributor to build and maintain a network of licensed securities broker-dealers, financial intermediaries and other agents could have a material adverse effect on the Fund’s business and the offering. If the global distributor is unable to build and maintain a sufficient network of participating broker-dealers and financial intermediaries to distribute shares in the offering, the Fund’s ability to raise proceeds through the offering and implement the Fund’s investment strategy may be adversely affected. In addition, the global distributor may in the future serve as dealer manager for other issuers. As a result, the global distributor may experience conflicts of interest in allocating its time between the offering and such other issuers, which could adversely affect the Fund’s ability to raise capital through the offering and implement the Fund’s investment strategy. Further, the participating broker-dealers and financial intermediaries retained by the global distributor may have numerous competing investment products, some with similar or identical investment strategies and areas of focus as the Fund’s which they may elect to emphasise to their retail clients. This may further adversely impact the ability of the Fund to raise capital and therefore its ability to implement the investment strategy of the Fund.

    Costs.

    The Issuing Document sets out information on costs that may be borne by the Fund. Any information on costs provided in this Website does not purport to be comprehensive.

    CVC Fund Portfolio Company Relationships.

    Companies in which CVC funds other than the Fund invest (each, an “Other Project Company”) can be expected to be counterparties or participants in agreements, transactions or other arrangements with investments. For example, a portfolio company may retain an
    Other Project Company to provide goods or services to such portfolio company (or vice versa) or such Other Project Company may acquire an asset from such portfolio company (or vice versa). In addition, portfolio companies can, from time to time, be expected to enter into agreements, transactions and arrangements with parties that have, or employ individuals who have, a relationship with CVC or its personnel or with parties in which CVC or its personnel have made an investment. For example, circumstances could arise where a company that has invested in, or whose affiliate, subsidiary or pension plan has invested in, a CVC fund, or that provides services to CVC or its personnel, is engaged to provide services to a portfolio company in exchange for a fee or other form of compensation (or vice versa).

    CVC or its personnel may receive fees, commissions, servicing payments, revenue shares, rebates, discounts and/or other benefits in connection with any such agreement, transaction or other arrangement (each, a “Benefit”). For example, CVC may encourage or direct
    portfolio companies and Other Project Companies to participate in, or engage a specific vendor (which could itself be an Other Project Company, an investor in a CVC fund (or an affiliate thereof) or otherwise has a relationship with CVC or its personnel) as part of, a program or arrangement (such as a group procurement organisation) designed to help such companies obtain volume-based (or similar) discounts or other benefits in connection with goods and services they purchase from, through or with the assistance of such vendor, program or arrangement pursuant to which CVC is entitled to receive (including from the vendor) a Benefit. CVC may also participate in such programs and arrangements or engages the same vendor, and potentially realises better pricing or discounts as a result of the participation of, or the engagement of that vendor by portfolio companies. Under any such program or arrangement, one particular CVC Entity or Other Project Company could benefit to a greater extent than other participants in such program or arrangement (despite paying an amount no higher than that paid by such other participants) and, in the latter case, the CVC fund that is invested in such Other Project Company will receive a greater relative benefit from the program or arrangement than other CVC funds (including the Fund) that do not own an interest in such Other Project Company.

    There can be no assurance that the terms of any such agreement, transaction or other arrangement, or the quality of any goods or services provided pursuant thereto, will be as favorable to the relevant portfolio company as those that would be offered by a comparable, alternative vendor that were engaged outside of such program or arrangement, or if the program or arrangement in place did not involve CVC or its personnel receiving a Benefit in connection therewith. Moreover, CVC could allocate the costs of any such program or arrangement among the CVC funds (including the Fund) that benefit from such program or arrangement (either directly or through their respective portfolio companies). Conflicts exist in the allocation of those costs and benefits of any such program or arrangement and investors are required to rely on CVC to handle such conflicts in its sole discretion.

    Any Benefit provided to CVC or any Other Project Company pursuant to or in connection with any of the aforementioned agreements, transactions, programs or arrangements will not be subject to management fee offsets or otherwise shared with the Fund or its project companies and will not require approval from, or notice to, the investors. 

    Please refer to the Issuing Document for further information with respect to these and other relevant risks of investing in the Fund.

    Eligibility Confirmation

    The information on this Website is only intended for investors who meet the specified eligibility criteria.

    CVC is not providing investment advice. You should consult an authorised person specialising in advising on investments prior to making any investment.

    Do not invest unless you are prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong.

    Important Information

    You must read the following information before proceeding to the Website. The following important information, together with the information available at the Terms of use and Privacy Policy governs your use of this Website. Your use of this Website and the materials herein constitutes your acceptance of these terms of use. If you do not agree with the terms of use, you should immediately cease use of the Website and review of the materials.

    This Website is a marketing communication. The prospectus and the Key information document (KID) contain information about the Fund. All investors are urged to carefully read the prospectus and KID in their entirety before making an investment decision.

    No Offer of Securities or Investment Advice: This Webite and the materials herein are presented for informational purposes only. Neither the Website nor the materials herein constitutes a solicitation or offer by CVC to buy or sell any securities of any kind or provide any investment advice or service. This Website does not provide specific investment advice to any individual viewing the content of the Website and does not represent that the securities or services described herein are suitable for any specific investor.

    Risks Associated with Investing: Please refer to the Risk Summary set out below.

    Past performance does not predict future returns. There can be no assurance the Fund will achieve its objectives or avoid significant losses.

    Certain information on this Website has been obtained from sources that CVC believes to be reliable as of the date presented; however, CVC cannot guarantee the accuracy of such content, assure its completeness, or warrant that such information will not be changed. In particular, (i) pricing information is estimated and unaudited and (ii) commentary on specific securities, if any, reflects the author’s analysis. The information on this Website is current as of the publication date indicated. CVC is under no obligation to update the information to reflect changes after the publication date.

    The information contained herein may not be reproduced or otherwise disseminated in whole or in part without the prior written consent of CVC.

    By clicking the below checkbox, I confirm that the information provided on the prior page and above relating to my investor type and country of residence is accurate, and I accept and acknowledge the important information above, together with the information available at the Terms of use and Privacy Policy of this Website.

    Risk Summary
    risk summary chart

    Risk of Capital Loss and No Assurance of Investment Return.

    This investment is speculative and long-term with no certainty of return. This investment involves a significant risk of capital loss and should only be made if an investor can afford the loss of its entire investment. There are no guarantees or assurances regarding the achievement of investment objectives or performance. In considering any investment performance information contained in this Website, recipients should bear in mind that past performance does not predict future returns. The performance information given in this Website, if any, relates only to the past activities of CVC Capital Partners plc, Clear Vision Capital Fund SICAV-FIS S.A., each of their respective successors or assigns and any of their respective subsidiary undertakings (as that term is defined in section 1162 and Schedule 7 of the United Kingdom Companies Act 2006) (“CVC”), and/or funds or accounts managed by CVC, not to CVC Private Equity Strategies Funds S.A. SICAV (or any of its compartments, as the context requires, the “Fund”). The past performance of CVC and any funds or accounts managed or advised by CVC provides no assurance of future returns or results of the investments. The Fund cannot provide assurance that it will be able to choose, make and realise investments in any particular company. There is no assurance that the Fund will be able to generate returns for its investors or that the returns will be commensurate with the risks of investing in the type of companies and transactions described herein. Furthermore, the Fund’s performance over a particular period may not necessarily be indicative of the results that may be expected in future periods.

    Limited Operating History: Relation to Prior Investment Results.

    The Fund has not commenced operations and therefore has no operating history upon which prospective investors may evaluate its performance. As a result of the Fund’s highly customised investment program and investment limitations, there is no assurance that the Fund will receive sufficient investment opportunities to deploy all of its capital, even in a circumstance where other funds or accounts managed or advised by CVC are fully or nearly fully deployed.

    Difficulty and Cost of Locating Suitable Investments.

    There is no guarantee that suitable deal flow will be available so that the Fund will be able to invest in investments or that any such investments will be successful. The success of the Fund depends on the ability of CVC to identify, select, effect and realise appropriate investments. Accordingly, the Fund may only make a limited number of investments. Since these investments may involve a high degree of risk, poor performance by a few could significantly affect the return to investors. To the extent that any of the available capital is not invested, the Fund’s potential for return may be diminished. The investment industry in which the Fund will be engaged is highly competitive. The activity of identifying, completing and realising on attractive investments that fall within the Fund’s objective is highly competitive and involves a high degree of uncertainty and will be subject to market conditions. The Fund expects to encounter competition from other entities having similar investment objectives. There can be no certainty that CVC will identify a sufficient number of attractive investment opportunities to enable the full amount of capital committed to, or otherwise available to, the Fund to be invested effectively or at all. No assurances can therefore be given that the target returns of the Fund or any investment will be achieved.

    Investment and Market Risk.

    General economic conditions may affect the Fund’s activities. Changing economic, political, regulatory or market conditions or events, such as interest rates, the availability of credit, currency exchange rates, trade barriers, natural disasters, epidemics and pandemics, globally and in the jurisdictions and sectors in which the Fund invests or operates, general levels of economic activity, the price of securities and debt instruments and participation by other investors in the financial markets, may affect the availability of investment opportunities for the Fund and/or the value and number of investments made by the Fund or considered for prospective investment. The value of investments may also fluctuate in accordance with changes in the financial condition of portfolio companies and other factors that affect the markets in which the Fund invests. Economic, political, regulatory or market developments can affect a single investment, or multiple investments within an industry, economic sector or geographic region, or the market as a whole. Events such as war (e.g., Russia/Ukraine), acts of terrorism, public health issues like pandemics or epidemics (e.g., COVID-19), recessions, or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession and have a significant impact on the Fund and its investments. The recovery from such downturns is uncertain and may last for an extended period of time or result in significant volatility, and many of the risks discussed herein associated with an investment in the Fund may be increased.

    Legal, Tax and Regulatory Risks.

    Legal, tax and regulatory changes could occur during the term of the Fund that may adversely affect the Fund. The regulatory environment for private investment funds is evolving, and changes in the regulation of private investment funds (including alternative investment funds) may adversely affect the value of investments held by the Fund and the ability of the Fund to effectively employ its investment and trading strategies. Increased scrutiny and newly proposed legislation applicable to private investment funds and their sponsors may also impose significant administrative burdens on CVC and may divert time and attention from portfolio management activities. In addition, and in light of the changing global regulatory climate, the Fund may be required to register under certain foreign laws and regulations, and need to engage distributors or other agents in certain non-U.S. jurisdictions in order to market interests of the Fund to potential investors. An investment in the Fund may be subject to increasing regulation and governmental oversight and there can be no assurance that such rules will not require various investor disclosures to, among others, domestic and foreign governmental or self-regulatory authorities. The effect of any future regulatory change on the Fund could be substantial and adverse. In addition, the futures markets, debt markets, and other financial and capital markets are subject to comprehensive statutes, regulations and margin requirements. The U.S. Securities and Exchange Commission, the European Securities and Markets Authority, the Commission de Surveillance du Secteur Financier, other regulators and self-regulatory organisations and exchanges are authorised to take extraordinary actions in the event of market emergencies. Prospective investors should note that the tax treatment of each investor, and of any investor, and of any investment, depends on individual circumstances and may be subject to change in the future.

    Broad Investment Mandate.

    Except as set forth in the governing documentation of the Fund, the Fund shall not be limited or restricted in the industries, sectors, geographies, transaction types, structures, instruments, obligations or assets in which it may invest or the specific investment strategies and techniques that may be employed by it. It will be permitted to invest (and may actually invest) in investments of any number of issuers operating in a wide range of industries or activities utilising a wide variety of structuring techniques. Its portfolio may be concentrated at various points in time, including, for example, with respect to the number of investments included in the portfolio (which may be particularly limited when it commences its investing activities), the nature of such investments and the geographies or industry sectors represented by the issuers in which the Fund invests.

    Non-Controlling Investments and/or Investments with Third Parties in Joint Ventures and Other Entities.

    It is expected that the Fund will hold non-controlling interests in most issuers and, therefore, may have no right to appoint a director and to influence such companies’ management. Similarly, the Fund may co-invest with third parties through joint ventures, other entities or similar arrangements, thereby acquiring non-controlling interests in certain investments. In such cases, the Fund will be significantly reliant on the existing management, board of directors and other shareholders of such companies, which may include representation of other financial investors with whom the Fund is not affiliated and whose interests may conflict with the interests of the Fund. Moreover, in the case where the Fund co-invests alongside other persons (including other funds or accounts managed or advised by CVC), such investments may involve risks not present in investments where a third party is not involved, including the possibility that a third party partner or co-venturer may have financial difficulties resulting in a negative impact on such investment, may have economic or business interests or goals which are inconsistent with those of the Fund, may be in a position to take (or block) action in a manner contrary to the Fund’s investment objectives, or the increased possibility of default, diminished liquidity or insolvency by the third party partner or co-venturer due to a sustained or general economic downturn.

    Lack of Liquidity.

    Interests in the Fund are or will be highly illiquid. CVC have implemented a periodic redemption program with respect to interests in the Fund, but there is no guarantee CVC will be able to make any redemptions, either at the time or at all. Any redemptions are subject to available liquidity and other significant restrictions. To the extent that we are able to make redemptions, only a limited number of Interests will be eligible for redemption.

    Use of Borrowings/Leverage.

    The Fund intends to employ leverage in order to finance the operations of the Fund and its investments. Such leverage will increase the exposure of an investment to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the condition of the investment. Borrowings by the Fund (or by an affiliate thereof) have the potential to enhance the Fund’s returns, however, they will further diminish returns (or increase losses on capital) to the extent overall returns are less than the Fund’s cost of funds. As a general matter, the presence of leverage can accelerate losses. There can be no assurance that the Fund will have sufficient cash flow to meet its debt service obligations. This leverage may also subject the Fund’s investments to restrictive financial and operating covenants, which may limit flexibility in responding to changing business and economic conditions. For example, leveraged entities may be subject to restrictions on making interest payments and other distributions. Leverage at an investment may impair such investment’s ability to finance its future operations and capital needs. Moreover, any rise in interest rates may significantly increase an investment’s interest expense, causing losses and/or the inability to service its debt obligations. If an investment cannot generate adequate cash flow to meet debt obligations, the Fund may suffer a partial or total loss of capital invested in such investment. In addition, the Fund may have to make exceptions to, modify or suspend, in whole or in part, the redemption programme of any sub-fund further to the occurrence of an event of default or similar event under a financing arrangement. Furthermore, the amount of leverage used to finance an investment may fluctuate over the life of an investment.

    Reliance on Key Management Personnel.

    The success of the Fund will depend, in large part, upon the skill and expertise of certain CVC professionals. In the event of the death, disability or departure of any key CVC professionals, the business and the performance of the Fund may be therefore adversely affected. Some CVC professionals may have other responsibilities, including senior management responsibilities, throughout CVC and, therefore, conflicts are expected to arise in the allocation of such personnel’s time (including as a result of such personnel deriving financial benefit from these other activities, including fees and performance-based compensation).

    Valuations.

    The valuation methodologies used to value certain of the Fund’s investment may change over time and have subjective elements. Valuations are subject to determinations, judgements, opinions, and will, in certain circumstances, not be accurate, and other third parties or investors may disagree with such valuations. Valuation methodologies will also involve assumptions and opinions about future events, which may or may not turn out to be correct. Valuation methodologies may permit reliance on a prior period valuation of particular Investments. Ultimate realisation of the value of an investment depends to a great extent on economic, market and other conditions beyond CVC’s control. Accordingly, the carrying value of an investment may not reflect the price at which such investment could be sold in the market, and the difference between carrying value and the ultimate sales price could be material. There will be no retroactive adjustment in the valuation of such assets, the net asset value per share, the price that the Fund paid to redeem the shares, NAV-based fees, fees it paid, directly or indirectly, to CVC or amounts allocated to CVC to the extent such valuations prove to not accurately reflect the realisable value of the Fund’s investments or the value as set out in financial statements issued subsequent to such valuation. While CVC believes that the NAV calculation methodologies are consistent with standard industry practices, there are other methodologies available to calculate NAV of the Fund (and its constituent entities).

    Investors Have No Management Rights.

    Investors in the Fund will have no control over the Fund’s or any Fund’s day-to-day operations and investment decisions, and the investors of such Fund must rely on the Fund and/or, to the extent appropriate, CVC and its agents to conduct and manage the affairs of such Fund.

    Currency and Exchange Rate Risk.

    A substantial portion of the Fund’s assets may be denominated in a currency that differs from the functional currency of the Fund or an investor’s functional currency. Consequently, the return realised on any investment by such investor may be adversely affected by movements in currency exchange rates over the holding period of such investment and the life of the Fund generally, costs of conversion and exchange control regulations, in addition to the performance of the investment itself. The value of an investment may fall substantially as a result of fluctuations in the currency of the country in which the investment is made compared to the functional currency of the Fund and/or the investor’s functional currency. CVC may (but is not obliged to) endeavour to manage currency exposures in countries that do not use the functional currency of the Fund as their primary currency, using appropriate hedging techniques where available and appropriate, however there are not assurances that such hedging techniques will be utilised or, if used, will be successful and/or will benefit any investor. Additionally, costs related to currency hedging arrangements will be borne by the Fund. There can be no assurance that adequate hedging arrangements will be available on an economically viable basis.

    Conflicts of Interest; Allocation of Investment Opportunities.

    The Fund is subject to certain conflicts of interest arising out of its relationships, including as a result of the fact that CVC provides investment management, advisory and sub-advisory services to the Fund as well as other funds, vehicles and separately managed accounts. There is no guarantee that the applicable policies and/or agreements can adequately address or mitigate these conflicts of interest, or that CVC will identify or resolve all conflicts of interest in a manner that is favorable to the Fund.

    Warehoused Investments.

    All decisions to make any investments in investments that have been warehoused by members of CVC and/or funds or accounts managed or advised by CVC and/or to make investments acquired with CVC seed capital will be in the discretion of CVC, and shareholders will not have an opportunity to evaluate or approve such investments or their terms. In addition, CVC will determine, in their discretion, when to transfer such warehoused investments, directly or indirectly, to a Fund and/or cause a Fund to use the capital contributed by the shareholders to, directly or indirectly, redeem such CVC seed investment, which will affect the amount that will be paid to CVC and/or funds or accounts managed or advised by CVC (as applicable) upon such transfer and/or redemption. Conflicts of interest will arise in connection with the foregoing transactions.

    Performance Based Compensation.

    The existence of the performance fees and management fees may create a potential incentive for the Fund to make more speculative investments or to time the purchase or sale of investments in a manner motivated by the personal interest of CVC executives than if such profit-based compensation did not exist, as the recipient (and the recipients of carried interest in respect of the relevant CVC fund) receive a disproportionate share of profits above the preferred return hurdle (if any) for the relevant CVC fund or co-investment. Furthermore, upon the liquidation of a CVC fund or a co-investment vehicle, the recipient (and the recipients of carried interest in respect of the relevant CVC fund) may receive carried interest with respect to a distribution in-kind of non-marketable securities. The amount of compensation will be dependent on the valuation of the non-marketable securities distributed, which, in relevant cases, will be determined by the manager, general partner and/or operator of the relevant CVC fund or co-investment vehicle (as applicable) and could incentivise such manager, general partner and/or operator (which may be the same as CVC) to value the securities higher than if there were no performance-based compensation.

    Risk of Certain Events Related to CVC.

    A bankruptcy, change of control, restructuring or other significant event relating to CVC could cause CVC and/or the Fund to have difficulty retaining personnel or may otherwise adversely affect CVC and/or the Fund and the Fund’s ability to achieve its investment objective.

    Broad and Wide-Ranging Activities.

    As a global alternative asset manager, CVC engages and is authorised to engage in a broad spectrum of activities, including financial advisory and/or management services, investment management, sponsoring and managing private and public investment funds, advising CLOs, separately managed accounts, co-investment vehicles, other private funds, and other activities, including the provision of broker-dealer services. In the ordinary course of its business, CVC engages in activities where its interests or the interests of its clients may conflict with the interests of the Fund and its Investors. CVC may enter into one or more strategic relationships in certain regions or with respect to certain types of investments that, although may be intended to provide greater opportunities for CVC, may require CVC to share such opportunities or otherwise limit the amount of an opportunity CVC can otherwise take. Conflicts of interest that arise between the Fund, on the one hand, and any member of CVC, any existing or future affiliated fund or any other fund or account managed or advised by CVC, on the other hand, generally will be considered on a case-by-case basis by senior management of CVC and representatives of the Fund and CVC, who will in many circumstances be the same individuals. Any such discussions will take into consideration the interests of the relevant parties and the circumstances giving rise to the conflict. The board of managers of the Fund will have the power to resolve, or consent to the resolution of, conflicts of interest on behalf of, and such resolution will be binding on, the Fund. Investors should be aware that conflicts will not necessarily be resolved in favour of the Fund and the investors.

    Participation in the Fund by CVC.

    CVC may agree to one or more CVC Entities, and/or its current and/or former senior advisors, officers, directors and personnel or its affiliates, charitable programs, endowment funds and related entities established by or associated with any of the foregoing and/or any other persons related to CVC (each, a “CVC Related Person”), purchasing shares or units of the Fund or its relevant holding
    entities or otherwise making amounts available for the benefit of the Fund (directly or indirectly),including (without limitation) for the purposes of: (i) providing a source of liquidity to the Fund, (ii) providing seed capital for prospective investments, and (iii) enabling such CVC Entities and/or CVC Related Persons to participate in respect of any matter in which shareholder or unitholder may cast votes. Such participation may be made on economic terms preferential to other shareholders or unitholders (and such other terms CVC
    considers reasonable having regard to the circumstances). In addition, by virtue of the CVC Related Persons’ affiliation with CVC, such CVC Related Persons may have more information about the Fund and its investments than other shareholders or unitholders and will have access to information (including, but not limited to, valuation reports) in advance of communication to other shareholders or unitholders. As a result, such CVC Related Persons may be able to take actions on the basis of such information which, in the absence of such information, other shareholders or unitholders do not take. Such participation by one or more CVC Entity and/or CVC Related Persons or its/their affiliates, and their interests as investors in the Fund, may conflict with the interests of the Fund and its other investors (and may have the effect of diluting the shares of other investors).

    Global Distributor.

    The global distributor for the Fund is the alternative investment fund manager of the Fund. Any material adverse change to the ability of the global distributor to build and maintain a network of licensed securities broker-dealers, financial intermediaries and other agents could have a material adverse effect on the Fund’s business and the offering. If the global distributor is unable to build and maintain a sufficient network of participating broker-dealers and financial intermediaries to distribute shares in the offering, the Fund’s ability to raise proceeds through the offering and implement the Fund’s investment strategy may be adversely affected. In addition, the global distributor may in the future serve as dealer manager for other issuers. As a result, the global distributor may experience conflicts of interest in allocating its time between the offering and such other issuers, which could adversely affect the Fund’s ability to raise capital through the offering and implement the Fund’s investment strategy. Further, the participating broker-dealers and financial intermediaries retained by the global distributor may have numerous competing investment products, some with similar or identical investment strategies and areas of focus as the Fund’s which they may elect to emphasise to their retail clients. This may further adversely impact the ability of the Fund to raise capital and therefore its ability to implement the investment strategy of the Fund.

    Costs.

    The Issuing Document sets out information on costs that may be borne by the Fund. Any information on costs provided in this Website does not purport to be comprehensive.

    CVC Fund Portfolio Company Relationships.

    Companies in which CVC funds other than the Fund invest (each, an “Other Project Company”) can be expected to be counterparties or participants in agreements, transactions or other arrangements with investments. For example, a portfolio company may retain an
    Other Project Company to provide goods or services to such portfolio company (or vice versa) or such Other Project Company may acquire an asset from such portfolio company (or vice versa). In addition, portfolio companies can, from time to time, be expected to enter into agreements, transactions and arrangements with parties that have, or employ individuals who have, a relationship with CVC or its personnel or with parties in which CVC or its personnel have made an investment. For example, circumstances could arise where a company that has invested in, or whose affiliate, subsidiary or pension plan has invested in, a CVC fund, or that provides services to CVC or its personnel, is engaged to provide services to a portfolio company in exchange for a fee or other form of compensation (or vice versa).

    CVC or its personnel may receive fees, commissions, servicing payments, revenue shares, rebates, discounts and/or other benefits in connection with any such agreement, transaction or other arrangement (each, a “Benefit”). For example, CVC may encourage or direct
    portfolio companies and Other Project Companies to participate in, or engage a specific vendor (which could itself be an Other Project Company, an investor in a CVC fund (or an affiliate thereof) or otherwise has a relationship with CVC or its personnel) as part of, a program or arrangement (such as a group procurement organisation) designed to help such companies obtain volume-based (or similar) discounts or other benefits in connection with goods and services they purchase from, through or with the assistance of such vendor, program or arrangement pursuant to which CVC is entitled to receive (including from the vendor) a Benefit. CVC may also participate in such programs and arrangements or engages the same vendor, and potentially realises better pricing or discounts as a result of the participation of, or the engagement of that vendor by portfolio companies. Under any such program or arrangement, one particular CVC Entity or Other Project Company could benefit to a greater extent than other participants in such program or arrangement (despite paying an amount no higher than that paid by such other participants) and, in the latter case, the CVC fund that is invested in such Other Project Company will receive a greater relative benefit from the program or arrangement than other CVC funds (including the Fund) that do not own an interest in such Other Project Company.

    There can be no assurance that the terms of any such agreement, transaction or other arrangement, or the quality of any goods or services provided pursuant thereto, will be as favorable to the relevant portfolio company as those that would be offered by a comparable, alternative vendor that were engaged outside of such program or arrangement, or if the program or arrangement in place did not involve CVC or its personnel receiving a Benefit in connection therewith. Moreover, CVC could allocate the costs of any such program or arrangement among the CVC funds (including the Fund) that benefit from such program or arrangement (either directly or through their respective portfolio companies). Conflicts exist in the allocation of those costs and benefits of any such program or arrangement and investors are required to rely on CVC to handle such conflicts in its sole discretion.

    Any Benefit provided to CVC or any Other Project Company pursuant to or in connection with any of the aforementioned agreements, transactions, programs or arrangements will not be subject to management fee offsets or otherwise shared with the Fund or its project companies and will not require approval from, or notice to, the investors. 

    Please refer to the Issuing Document for further information with respect to these and other relevant risks of investing in the Fund.

    No Access

    The information included in this website is restricted due to applicable laws in your country of residence. The information in this website is, therefore, not available to persons located in your country of residence and/or to all categories of investors. You should seek independent financial advice before accessing this website.

    Disclosure

    Important Disclosure Information

    This Website (“Website”) is being provided to a limited number of investors solely as a basis for discussion about the Fund (as defined below). This Website is confidential and may not be copied or distributed, in whole or in part, without the written consent of CVC. The information contained in this Website is proprietary in nature and may constitute trade secrets under applicable law with respect to CVC, the disclosure of which could have adverse effects on CVC, the Fund and funds or accounts managed or advised by CVC.

    This Website has not been approved by any supervisory authority and no regulatory approvals have been obtained. This Website may not be used for and does not constitute an offer to sell, or a solicitation of any offer, or an invitation, or a general solicitation to subscribe for or purchase, or to make any commitments for or in respect of any interests or securities or to engage in any other transaction. Any investor that subsequently acquires any interest may only rely on the terms of and disclosure in a final form Issuing Document relating to the Fund (as defined below) (the “Issuing Document”).

    In preparing this Website, CVC has not considered the objectives, financial position or needs of the recipient. As such, prospective investors are strongly advised to conduct their own due diligence and to take their own independent advice including, without limitation, on the investment, legal and tax consequences to them in respect of the acquisition, holding or disposal of interests in the Fund.

    In addition, persons into whose possession this Website has come are deemed to have read prior to the acquisition of any interest, the sections in the Issuing Document addressing the legality and otherwise of the sale of investment products in all relevant jurisdictions and any other regulatory legends contained in the Issuing Document (which are incorporated by reference herein) and ensured that their receipt of this Website and the Issuing Document are in compliance with the laws applicable to them. Nothing contained herein shall be deemed to be binding against, or to create any obligations or commitment on the part of, the addressee nor any subsidiary or affiliate of CVC Capital Partners plc, Clear Vision Capital Fund SICAV-FIS S.A., each of their respective successors or assigns and any of their respective subsidiary undertakings (as that term is defined in section 1162 and Schedule 7 of the United Kingdom Companies Act 2006), the “CVC Entities” or “CVC” and each a “CVC Entity”). No CVC Entity undertakes to provide the recipient with access to any additional information or to update this Website or to correct any inaccuracies herein which may become apparent. This Website is not to be construed as investment, legal or tax advice and none of the CVC Entities nor any of their respective directors, officers, employees, partners, members, shareholders, advisers, agents or affiliates make any representation or warranty, express or implied as to the fairness, correctness, accuracy or completeness of this Website, and nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance or otherwise. Certain information contained in this Website constitutes “forward-looking statements,” which can often be identified by the use of forward-looking terminology such as “may,” “can,” “will,” “would,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” “plan” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Any forward-looking statements or results in this Website are based upon current assumptions, expectations, estimates, projections, opinions and/or beliefs of certain CVC Entities, may be simplified and may depend on events outside CVC’s control. Changes to any assumptions may have a material impact on any forecasts, projections or results. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Actual results may therefore be materially different from any forecast, opinion, projection, result or unrealised values presented in this Website. The results referred to in this Website are currently unaudited and include estimates and subjective judgments by certain CVC Entities and have not been verified by any independent party.

    Certain information contained herein (including certain forward-looking statements, financial, economic and market information) has been obtained from a number of published and non-published sources prepared by other parties and companies, which may not have been verified and in certain cases has not been updated through the date hereof. In addition, certain information contained herein has been obtained from companies in which investments have been made by other pooled investment vehicles or separate managed account arrangements managed or advised by any CVC Entity. While such information from other parties and companies is believed to be reliable for the purpose used herein, no member of CVC, any of their respective affiliates or any of their respective directors, officers, employees, members, partners or shareholders assumes any responsibility for the accuracy or completeness of such information. Certain economic, financial, market and other data and statistics produced by governmental agencies or other sources set forth herein or upon which the CVC’s analysis and decisions rely may prove inaccurate.

    The performance of CVC Private Equity Strategies Funds S.A. SICAV (or any of its compartments, as the context requires, the “Fund”, and with respect to the compartment “CVC Private Equity Strategies Funds S.A. SICAV – CVC-PE Global Private Equity” (“CVC-PE”)) will be presented once available. Any other performance information shown may not be performance of the Fund and is not an indication of how the Fund would have performed in the past or will perform in the future. The Fund’s performance in the future will be different from the performance shown due to factors including, but not limited to, differences in vintage year, cash flows, fees, expenses, performance calculation methods, and portfolio sizes and composition. The performance presented reflects the performance of certain (but not all) funds or accounts managed or advised by CVC utilising a strategy similar to (but not the same as) that which will be utilised for the Fund as well as certain investments made by such funds or accounts.

    To the maximum extent permitted by law, none of CVC. the CVC Entities nor the Fund shall be liable (including in negligence) for any direct, indirect or consequential losses, damages, costs or expenses arising out of or in connection with the use of or reliance on this Website. By accepting a copy of the Website, you agree to be bound by the foregoing limitations and conditions.

    The information in this Website does not constitute an offer to sell, or a solicitation of an offer to purchase, any security or to provide any investment advice. All information contained herein is qualified in its entirety by information contained in the Issuing Document, the articles of association of the Fund and the subscription documentation relating to the Fund. Prospective investors should review the Issuing Document carefully, which includes important disclosures and risk factors associated with an investment in the Fund. No offer to sell, or a solicitation of an offer to purchase any interests, will be made in any jurisdiction in which such offer or solicitation would be unlawful.

    The information herein contains certain “forward-looking statements” regarding the belief or current expectations of certain CVC Entities about the Fund’s financial condition, results of operations and business. Such forward-looking statements are not guarantees of future performance. Actual performance may differ substantially from the unrealised values presented. Investment may lead to a financial loss if no guarantee of the capital is in place. In the United States, this Website is being distributed by CVC Funding LLC, a broker-dealer registered with the U.S. Securities and Exchange Commission and a member of FINRA and SIPC.

    If you make a decision to invest, you will be buying shares in the Fund and you will not be investing directly in the underlying assets.

    The information presented in this Website should not be relied upon because it is incomplete and may be subject to change.

    Notice to investors in the EU

    The Fund constitutes an European Union (“EU”) alternative investment fund for the purposes of the EU Alternative Investment Fund Managers Directive (“AIFMD”). Accordingly, the marketing of the Fund to any investors domiciled or having their registered office in the EU will be restricted by the AIFMD and no such marketing shall take place except as permitted by the AIFMD.

    When marketing shares in the Fund in any territory of the EU (other than the Grand Duchy of Luxembourg) to persons who are professional investors for the purposes of AIFMD, and that are domiciled or have a registered office in the EU, it is intended that marketing passports made available to the AIFM under the provisions of the AIFMD will be utilised. Accordingly, shares in the Fund may only be marketed pursuant to such passports to professional investors, or to such other investors to whom the shares may lawfully be marketed in those territories of the EU in respect of which a passport has been obtained, including (a) in the case of Germany, to semi-professional investors (for the purposes of section 1 para. 19 no. 33 of the German Capital Investment Code (Kapitalanlagegesetzbuch – KAGB)); and (b) in the case of Italy, to non-professional investors should the conditions provided under Article 14, para. 2, of the Italian Ministerial Decree No. 30 of 5 March 2015 be fulfilled.

    Any persons who are not professional investors, to whom shares in the Fund may be lawfully marketed, will be provided with a key information document prior to their investment in the Fund in accordance with the requirements of Regulation (EU) No 1286/2014.

    Notice to investors in the UK

    Reliance on this promotion for the purpose of buying the shares to which the promotion relates may expose an individual to a significant risk of losing all of the property or other assets invested.

    Marketing to any investor domiciled or with a registered office in the United Kingdom (“U.K.”) will be restricted by the U.K. Alternative Investment Fund Managers Regulations (“U.K. AIFMR”), and no such marketing shall take place except as permitted by such laws. The AIFM constitutes a ‘third country AIFM’ and the Fund a ‘third country AIF’ for the purposes of the U.K. AIFMR. The Fund will be or has been notified to the Financial Conduct Authority (“FCA”) in accordance with Regulation 59 of the U.K. AIFMR.

    In addition to the restrictions in the U.K. AIFMR described above, the Fund is a collective investment scheme pursuant to section 235 of the Financial Services and Markets Act 2000 (“FSMA”). It has not been authorised, or otherwise recognised or approved, by the FCA and, as an unregulated scheme, it cannot be promoted in the U.K. to the general public.

    This Website is exempt from the restriction on the promotion of unregulated schemes in Section 238 of FSMA on the grounds that the distribution of this Website if made (or caused to be made) by a person who is an “authorised person” under FSMA, is being made to, or directed at, only the following persons: (a) persons falling within one of the categories of “investment professionals” as defined in Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (as amended) (the “Promotion of CIS Order”) and directors, officers and employees acting for such persons in relation to investment; (b) “high net worth entities” falling within any categories of persons described in Article 22 of the Promotion of CIS Order and directors, officers and employees acting for such persons; (c) persons falling within the definition of “certified high net worth individuals” within Article 21 of the Promotion of CIS Order; (d) persons falling within the definition of “Self-Certified Sophisticated Investor” within Article 23A of the Promotion of CIS Order; and (e) to any other person to whom the Issuing Document may lawfully be communicated in accordance with the Promotion of CIS Order or Section 238 of FSMA or Section 4.12B of the Conduct of Business Sourcebook of the FCA Rules (“COBS 4.12B”) or who receives the Issuing Document outside the U.K. (persons satisfying the criteria above being referred to as “Relevant Persons”).

    This Website must not be acted on or relied on by persons who are not Relevant Persons and no person falling outside the category of Relevant Persons should treat this Website as constituting a promotion to them. Any investment or investment activity to which this Website relates is only available to Relevant Persons and will be engaged in only with Relevant Persons. Any person who is in any doubt about the investment to which this Website relates should consult an authorised person specialising in advising on participation in unregulated schemes.

    Any persons who are not professional investors, to whom shares in the Fund may be lawfully marketed, will be provided with a key information document prior to their investment in the Fund in accordance with the requirements of Regulation (EU) No 1286/2014, as it has effect in U.K. law.

    Notice to investors in Switzerland

    The Representative and Paying Agent of the Fund in Switzerland is Banque Heritage SA, 61 Route de Chêne, 1208 Geneva, Switzerland. The offer of the Fund in Switzerland must exclusively be made to qualified investors. The offering documents and annual reports of the Fund , if available, can be obtained free of charge from the Representative as well as from CVC Europe Fund Management S.à r.l., Royal Park, 29 Avenue de la Porte-Neuve, L-2227 Luxembourg, Grand Duchy of Luxembourg.

    Information on the terms and conditions of the Fund can be found in the Offering Document.

    CVC Europe Fund Management S.à r.l. is the alternative investment fund manager (“AIFM”) of the Fund and is authorised and regulated by the Commission de Surveillance du Secteur Financier (“CSSF”).

    The Fund and its agents may pay retrocessions as remuneration for distribution activity in or from Switzerland, in respects of Interests in the Fund. This remuneration may be paid for marketing, placement or introduction services to distributors and sales partners.

    Notice to investors in Jersey

    This Website has been prepared for information purposes only by, and is the sole responsibility of, CVC. It has been made available to you solely in connection with providing an introduction to the Fund and an overview of its investment strategy. This Website is a financial service advertisement for the purposes of the Financial Services (Advertising) (Jersey) Order 2008, as amended from time to time. CVC can be contacted at Royal Park, 29 Avenue de la Porte-Neuve, L-2227 Luxembourg, Grand Duchy of Luxembourg. CVC Europe Fund Management S.à r.l. has been authorized by the CSSF as an alternative investment fund manager.

    Notice to investors in Hong Kong

    This Website has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong), nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the “SFO”). No action has been taken in Hong Kong to authorise or register this Website or to permit the distribution of this Website or any documents issued in connection with it. Accordingly, the Fund has not been and will not be offered or sold in Hong Kong other than to “professional investors” (as defined in the SFO and any rules made under that ordinance).

    No advertisement, invitation or document relating to the Fund has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors (as defined in the SFO and any rules made under that ordinance). No person allotted shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities.

    The contents of this Website have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any of the contents of this Website, you should obtain independent professional advice.

    Notice to investors in Singapore

    This Website shall, together with the Issuing Document and any other document, correspondence, communication or material sent or provided to eligible participants in relation to the Fund from time to time, be construed as part of an information memorandum for the Fund (the “Information Memorandum“), which shall be deemed to incorporate all information in the Issuing Document, this Website and any other document, correspondence, communication or material sent or provided to eligible participants for the Fund from time to time.

    Accordingly, this Website must be construed as part of, and the information in this Website must not be relied on or construed on its own without reference to, the Information Memorandum.

    Notice to investors in the Dubai International Financial Centre

    CVC Advisers (Middle East) Limited (“CVC ME”) is regulated by the Dubai Financial Services Authority (“DFSA”) under reference number F007076.

    This confidential Website relates to the Fund which is not subject to any form of regulation or approval by the DFSA. This confidential Website is intended for distribution only to Professional Clients and Market Counterparties (as defined by the Conduct of Business Module of the DFSA Rulebook) and must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with this confidential Website. Accordingly, the DFSA has not approved this confidential Website or any other associated documents nor taken any steps to verify the information set out in this confidential Website, and has no responsibility for it. The interests/shares of the Fund therein to which this confidential Website relates may be illiquid and/or subject to restrictions on their resale. Prospective investors of the interests/shares of the Fund should conduct their own due diligence on the interests of the Fund. If you do not understand the contents of this confidential Website, you should consult an authorised financial adviser. In relation to its use in the Dubai International Financial Centre, this confidential Website is strictly private and confidential and is being distributed to a limited number of investors and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purpose. The interests/shares in the Fund may not be offered or sold directly or indirectly to the public in the Dubai International Financial Centre.

    Notice to investors regarding Whistleblower incentives & protection

    Please be advised that nothing contained in this Website or in the Fund’s governing documents, Issuing Document or similar agreements, including any confidentiality provisions, prevents you from (i) exercising your rights under Section 21F of the Securities Exchange Act of 1934, entitled “Securities Whistleblower Incentives and Protection”, which permits communicating directly to the SEC about a possible securities law violation, (ii) exercising any similar whistleblower rights you have under applicable law in relation to communications to any other governmental agency or authority or any self-regulatory organization about a possible violation of law, or (iii) receiving an award from any governmental agency or authority or any self-regulatory organization in connection with any communication described above, to the extent such activity is protected under the whistleblower provisions of any applicable law or regulation, and without any prior notice to or authorization from CVC.