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Europe’s biggest private equity firm CVC Capital Partners is planning to shun London and take its multi-billion-euro initial public offering (IPO) to the Netherlands, the Financial Times reported on Saturday.

The buyout firm has told potential investors that it is aiming to list on Amsterdam’s Euronext exchange and is targeting 25 billion euros for its next private equity fund, the newspaper said, citing four people familiar with the matter.

No final decisions have been made about the listing or its timing, and it will depend on developments in the war in Ukraine and their consequences for markets, according to the report.

CVC did not immediately respond to request for comment.

The private equity firm is looking to go public in the second half of the year with Goldman Sachs, JPMorgan and Morgan Stanley working on the plan.

CVC’s co-Chairman Steve Koltes is set to step down this year, remaining on its board in a non-executive capacity. (Reporting by Rhea Binoy in Bengaluru; Editing by David Clarke)

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