Blue jigsaw puzzle pieces


Re-investment in 2024

Rolling proceeds from our 2019 Primary exposure (via CVC Fund VII) into a continuation vehicle, investing alongside CVC and ICG Strategic Equity.

Multiversity is the #1 online higher education group in Italy with 170k+ students across three accredited online universities.

Multiversity offers an attractive risk/return profile and strong alignment with a top-tier GP.

High quality asset

1 market position (~57% online market share, 3x next largest competitor)

Structural growth drivers

Significant barriers to entry (government license required to operate; none issued since 2006)

Track record

Best-in-class financial profile: >30% organic EBITDA growth, ~55-60% EBITDA margin, >95% cash conversion

ICG institutional knowledge

Benefitted from access to ICG Strategic Equity’s due diligence and strong conviction in the asset (ICG SE is the lead investor of the continuation vehicle)