Cerberus Closes $2.3 Billion Single-Asset Continuation Vehicle for SubCom

NEW YORK, April 20, 2026 /PRNewswire/ -- Cerberus Capital Management, L.P. (together with its affiliates, "Cerberus"), a global alternative investment firm, today announced the closing of a single-asset continuation vehicle for Subsea Communications ("SubCom" or the "Company"), a critical digital infrastructure company and a leading global supplier of turnkey subsea fiber optic cable systems. The continuation vehicle secured approximately $2.3 billion in commitments and was led by CVC Secondary Partners ("CVC SP").

In connection with the continuation vehicle, Cerberus-managed funds, including funds associated with the firm's dedicated Supply Chain strategy, made an additional investment in SubCom and Cerberus funds will continue to own a controlling stake in the Company. The new investment, alongside the continuation vehicle, extends Cerberus' partnership with SubCom and supports the Company's continued expansion to meet the growing demand for subsea connectivity infrastructure.

Since Cerberus carved out SubCom from TE Connectivity in 2018, the Company has advanced its market leadership position and achieved significant growth. SubCom is the only U.S.-based provider of subsea cable systems and differentiated by its scale and vertically integrated operating platform spanning engineering and planning, manufacturing, marine installation, and maintenance.

Today, subsea cables underpin approximately 99% of intercontinental data traffic and are foundational to the global digital economy. Demand for these systems is accelerating rapidly, driven by the growth of cloud computing, AI, and next-generation connectivity. SubCom's end-to-end capabilities, global scale, and operational experience position the Company as a key partner in enabling the next era of global data consumption and connectivity.

"SubCom holds a mission-critical role in the infrastructure that connects the world," said Mike Sanford, Cerberus Global Head of Private Equity and Co-Head of Supply Chain. "Its integrated platform, global capabilities, and operational excellence set it apart in the industry, and we have been proud to partner in SubCom's strong growth led by Dave Coughlan and his team. We believe SubCom will remain central to building and sustaining the infrastructure behind an increasingly data-driven world, and this milestone reflects that conviction."

Pat Moriarty, Cerberus Supply Chain Managing Director, added, "SubCom's management team, alongside Cerberus, have led the Company to new heights over the past seven years. As a global industry leader and the only U.S.-headquartered provider of subsea cable systems, SubCom's growth opportunities continue to be robust. Our continued partnership through this new investment exemplifies our Supply Chain strategy's focus on advancing the security and resilience of the U.S. and its allies."

"SubCom is a trusted global partner for critical digital infrastructure, and the need for what we do has never been greater," commented Dave Coughlan, Chief Executive Officer of SubCom. "With Cerberus' continued partnership, we are strategically investing in our platform to meet that global demand at scale. We remain deeply committed to delivering the quality and reliability our customers around the world have depended on for decades in our next chapter of growth."

"SubCom is a high-quality, mission-critical business at the center of global digital infrastructure, and we are pleased to support its continued growth," said Rikesh Mohandoss, Partner at CVC Secondary Partners. "This transaction reflects our conviction in SubCom's market leadership and long-term tailwinds, and we look forward to partnering with Cerberus and management to help drive the Company's next phase of expansion."

Evercore, Inc. served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Cerberus in connection with the continuation vehicle.

About Cerberus

Founded in 1992, Cerberus is a global alternative investment firm with approximately $70 billion in assets across complementary credit, real estate, and private equity strategies. Through its dedicated Supply Chain strategy, Cerberus seeks to advance the interests of the United States and allied partners in domains critical to the future. For more information, visit  www.cerberus-supplychain.com.

About SubCom

SubCom engineers, manufactures, and installs subsea fiber optic data cables – the unsung heroes of global communication. With an unrelenting focus on quality, reliability, and value, SubCom offers flexible end-to-end building blocks for the high-tech networks that are the backbone of the world's digital infrastructure. While the company's origins date back to the mid-19th century, SubCom has deployed enough cable to circle the equator more than 25 times since its entry into the communications industry in 1955. For more information, visit www.subcom.com.

About CVC Secondary Partners

CVC Secondary Partners is a private equity firm focused on secondary private markets globally. Established in 2017 as a spin-off from a leading banking institution, the firm currently manages AUM of $20 billion across funds backed by leading institutional and private investors worldwide. Since 2022, CVC Secondary Partners has been part of leading global private markets manager CVC, having entered into a merger and strategic partnership to enhance combined capabilities and accelerate the development of its platforms. For more information, please visit: www.cvc.com/strategies/secondaries/

Media Contacts

Cerberus
Jason Ghassemi
[email protected]

SubCom
Courtney McDaniel
[email protected]

CVC Secondary Partners
Nick Board
[email protected]

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SOURCE Cerberus Capital Management, L.P.