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CVC Capital Co-Founder Plans to Step Back Amid IPO Preparations

CVC Capital Partners co-founder Steve Koltes announced plans to step down from the European private equity giant as it prepares for an initial public offering. 

Koltes, CVC’s 65-year-old co-chair, leave his active role effective Oct. 1 to focus on private interests, according to an emailed statement Friday. He will remain on the CVC board in a non-executive capacity, while day-to-day operations will be overseen by the firm’s managing partners.