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Cerberus Capital Management Closes $2.3 Billion Continuation Vehicle For SubCom

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Cerberus Capital Management Closes $2.3 Billion Continuation Vehicle For SubCom

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Summary

Transaction Type:Sale

Cerberus Capital Management has closed a $2.3 billion single-asset continuation vehicle for SubCom, the subsea fiber optic cable systems provider. This transaction allows Cerberus to maintain a controlling stake while attracting new capital to support the company's expansion efforts.

Summary of transaction details:

  • Deal Type: Single-asset continuation vehicle
  • Transaction Amount: $2,300,000,000
  • Company: SubCom
  • Founders: Steve Feinberg & William L. Richter
  • Headquarters Location: New York City
  • Key Investor: CVC Secondary Partners

The deal extends Cerberus's ownership of SubCom, an asset it previously acquired from TE Connectivity in 2018. Additionally, existing investors gain liquidity, and Cerberus and its affiliated funds are reinvesting, highlighting the trend of using continuation vehicles in private equity for holding high-performing assets beyond typical fund timelines.

Players

Steve Feinberg
Cerberus Capital Management
Steve Feinberg
2 deals$93.9M volume
BUYER
Cerberus Capital Management
Cerberus Capital Management
BUYER

Details

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IMAGE: Capital Management has closed a $2.3 billion single-asset continuation vehicle for SubCom, the subsea fiber optic cable systems provider, allowing the firm to retain a controlling stake while bringing in new capital to support the company’s expansion. The deal—led by CVC Secondary Partners—extends Cerberus’s ownership of the asset it acquired from TE Connectivity in 2018, while also giving liquidity to existing investors and backing continued investment in subsea infrastructure amid rising demand tied to global AI data center growth. Cerberus and its affiliated funds, including those tied to its Supply Chain strategy, also reinvested in the transaction, which underscores the growing use of continuation vehicles in private equity to hold high-performing assets beyond typical fund timelines. FOUNDERS: Steve Feinberg & William L. Richter AMOUNT: $2,300,000,000 HQ: New York City

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