CVC made its partners a fortune. Now private equity faces a reckoning

The private equity house’s float has revealed the fabulous wealth of its founders. But the sector is under renewed pressure as debts fall due

ILLUSTRATION BY NINA KRAUSE
The Sunday Times

Donald Mackenzie has all the trappings of a wealthy financier. He has a collection of luxury properties, including a grade I listed mansion in Dorset with a shooting range, a grand home in Hampshire and a residence in Kensington, west London. Then there is the 52-metre superyacht and a garage packed with racing cars.

But now, for the first time, it has become possible to put a formal value on the riches of this Scottish accountant. That is because CVC Capital Partners, the private equity house that he helped to found four decades ago, pulled off a €14 billion float on the Amsterdam stock market last week.

The publicly shy investment genius cashed an estimated €192 million after selling off shares leaving him a 5.5