The Scoop
European private-equity firm CVC has hired a top TPG executive to be its co-CEO.
Todd Sisitsky, who has been TPG’s president since 2021, will join CVC by early 2028 after his non-compete expires, CVC announced. He’ll split the role with CVC’s No. 2 executive, Peter Rutland, and CEO Rob Lucas steps down.
Semafor earlier reported the moves Tuesday.
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CVC, which went public in 2024 after two false starts, manages about $250 billion. Like other private-equity firms, it has struggled to monetize its investments lately, undershooting its guidance to shareholders for deal profits for the past two years. It had been ramping up its succession planning starting last year, The Financial Times reported.
Sisitsky came up doing healthcare buyouts and spent time integrating TPG’s 2023 acquisition of lender Angelo Gordon, which gave it a foothold in Wall Street’s credit rush. Rutland is also a private-equity executive by training, but with a focus on financial services companies, which has put him close to CVC’s deals with insurance companies like AIG and Standard Life. CVC has been balancing its traditional strength in buyouts with faster-growing businesses in credit, insurance, and infrastructure.