The former private equity owner of F1 has finalised a £365m deal for a 14.3% stake in rugby's Six Nations tournament.
CVC's latest investment adds to its minority stakes in the English Premiership and Pro14, made up of teams from Wales, Scotland, Ireland, Italy and South Africa.
Over the next five years, subject to regulatory approval, the RFU will receive about (minus costs) £95m - in a nod to the lucrative English market and, in particular, the TV income that market generates - with the IRFU (Irish union) getting £48m and the SRU (Scottish) £45m.
The Welsh Rugby Union will receive £51m.
That leaves approximately £126m for France and Italy, of which the French will get the majority, similar to England’s share.
CVC, working with the home unions, will now look to drive commercial revenues. The private equity firm will receive 14.3% of revenues in return for its investment.
This year's Six Nations' tournament is the last covered by the broadcasting deal with terrestrial broadcasters ITV and the BBC.
This could see the tournament from next year going to a pay-for-view provider.
Six Nations Rugby has said the objective of the partnership is to "invest to grow and develop the game, to further enhance the sporting spectacle of all the tournaments, the teams and the brands and to build the data, technology, and broader commercial capabilities to support these ambitious plans".
In a statement it added: "These steps will ensure continued development of these prestigious tournaments for the benefit of existing fans, and to attract a new more diverse and global fan base, which will support the wider rugby community, including the players, clubs, and unions, to achieve their full potential over the long-term.
"CVC will bring to the partnership its significant experience in sports, as well as its global network, working alongside the unions and the Six Nations Rugby management team, to deliver on ambitious growth plans for the Six Nations Championships and Autumn International series."
Under the terms of the agreement the six unions will retain sole responsibility for all sporting matters as well as majority control of commercial decisions.
The CVC Fund VII investment into Six Nations Rugby will be paid to the six unions over a period of five years.
Ben Morel, chief executive of Six Nations Rugby, said: "This is a hugely positive development and I want to express my thanks to all parties involved. In particular, our six unions and federations, for the strong sense of unity and collaboration they have shown throughout this process to create a unified Six Nations Rugby and agree the partnership with CVC.
"The Six Nations Championship is steeped in rugby tradition, stretching back to 1883, and together with the women’s, Under-20s and Autumn International series, is synonymous with all the excitement, colour, and passion that rugby has to offer.
"This external investment is an important validation of what Six Nations Rugby has achieved to date and is a key next step as we invest to grow the game on the world stage.
"When we started this journey, our aim was to ensure we found the right strategic partner, who can add real value and is committed to a long-term relationship.
"CVC recognises the exciting potential in the Six Nations Championships and Autumn International series, and they are aligned with our vision for the future.
"CVC has a proven track record of partnering to support growth strategies in sport and is uniquely positioned to help promote collaboration across the sport of rugby for the benefit of fans, players, clubs and unions and all other rugby stakeholders."
Chief executive of the WRU, Steve Phillip, said: "This is a pivotal moment in the history of the international game in Wales.
“Ultimately, this deal will be a catalyst for the growth of our game. It will directly improve the international tournaments we participate in, further engaging new and existing fans alike. Increased interest drives other opportunities both on and off the field. Indirectly the investment will in turn provide the foundations on which the whole game can flourish.
“We look forward to welcoming the laser commercial focus that CVC will add to the historic organisation that is Six Nations Rugby Ltd. CVC have a track record of successfully investing in sport and their proven commercial and technology expertise will benefit the game enormously.
“The initial investment is obviously extremely attractive. We have our own investment strategy as evidenced by the hotel on Westgate Street. Once approved, this deal will enable us to both continue and accelerate these plans.
“And it is also important to note that the unions have retained total autonomy in terms of rugby matters."
