UPDATE 1-Trio to succeed retiring CVC chairman Smith

* Michael Smith stepping down in January, 2013

* Three co-chairmen taking the reins

* First job to raise 10 bln euros from investors

By Douwe Miedema and Sarah White

LONDON, Oct 29 (Reuters) - CVC Capital Partners veteran Michael Smith will step down as chairman in January 2013 and hand the reins to a trio of dealmakers whose first job will be to raise 10 billion ($12.93 billion) euros from investors.

Smith, who has spent 30 years at CVC from its origins as Citicorp Venture Capital - a subsidiary of Citigroup - will be succeeded by Donald Mackenzie, Rolly van Rappard and Steve Koltes as co-chairmen.

"CVC has always been run as a partnership, making important decisions by consensus," Mackenzie said in a press release, in a sign that the succession was unlikely to spark a big shift in the buy-out house's strategy.

CVC this year sold a 10 percent stake to three sovereign wealth funds: the Kuwait Investment Authority, the Government of Singapore Investment Corporation, and the Hong Kong Monetary Authority, a person familiar with the matter has said.

Such powerful backers are using their clout to negotiate better deals and breaks on fees from the private equity firms they invest in. They can also get the right of first refusal on investments, and earn a slice of bonuses.

CVC is targeting to raise about 10 billion euros for deals at the beginning of next year, people familiar with the situation have previously said, which would make it one of the largest funds since the financial crisis.

The three men have worked together at CVC - which has investments in Formula One and theme parks group Merlin Entertainment - for more than 20 years.

Koltes will assume Smith's responsibilities for investor relations while Mackenzie will chair the group board meetings and continue as chairman of the investment and portfolio committees, CVC said in the statement.

Van Rappard will continue to chair the two private equity boards in Europe and North America and in the Asia-Pacific region that are responsible for day-to-day management of the private equity business, the company said.