CVC is stepping up succession planning ahead of its next big fundraising, with the private equity firm's dealmaker Peter Rutland emerging as a frontrunner to replace current chief executive Rob Lucas.

Lucas, who took the group public on the Amsterdam stock exchange last year, is considering stepping down within the next two years, people familiar with the matter said.

They said that Rutland was considered a leading candidate to replace him, although the job could yet go to another of the firm's partners or Lucas could decide to remain as chief longer than anticipated.

The Jersey-based group, which manages €200bn in assets across private equity, credit and infrastructure strategies, completed its long-awaited initial public offering in April last year, and recently said it would start the next fundraising for its flagship buyout fund in 2027.

Rutland at present heads buyouts in the financial services sector for the firm. He led CVC's investment in retirement savings group Pension Insurance Corporation, which the group recently agreed to sell to an insurance group backed by US private capital giant Apollo in a £5.7bn deal.

Lucas only took on the role of chief when the firm listed, having previously served as one of its managing partners. He is also the lead managing partner of CVC's investment committee covering Europe and the Americas.

One person familiar with the group's thinking said Rutland's experience in the financial services sector, particularly in insurance, meant he had the skills to help build CVC into a diversified listed asset manager.

Insurance is becoming more important to the private capital sector, with groups such as Apollo and KKR having their own in-house insurance arms. CVC takes investment from insurers but does not own its own insurer.

Lucas joined CVC in 1996. His shares in the firm are worth more than €530mn based on the amount he owned at IPO, according to Bloomberg.

Private equity group CVC steps up succession plans ahead of next fundraising