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Exit of the Year – Mid Cap 
(Equity commitment on entry – USD 50m-USD 199m)

GeBBS Healthcare (ChrysCapital Partners)

ChrysCapital Partners exited healthcare software provider GeBBS Healthcare Solutions to EQT at an enterprise valuation of USD 840m in November 2024. It generated a 5.7x money multiple and a 35% IRR, in US dollar terms, while returning 80% of the fund that made the investment. GeBBS delivers revenue cycle management, health information management, and medical billing services to a predominantly US customer base, but it has a sizeable backend in India. On acquiring a majority stake in 2018, ChrysCapital helped strengthen management, reduce attrition and optimise utilisation – leading to a 700-basis-point improvement in gross margin – and secure four bolt-on acquisitions.

Poyun Group (CDIB Capital Group)

CDIB Capital Group exited Poyun Group, a China-based manufacturer of voice coils used in audio speakers, to Compucase Enterprise at an enterprise valuation of USD 250m in July 2025. The investment generated a 3.1x money multiple and a 36% IRR. The sponsor bought Poyun for USD 130m in 2021 and helped upgrade management and internal systems, improve relations with customers, optimise manufacturing – including automation and digitalisation of processes – and complete three bolt-on acquisitions. Through M&A and organic expansion, the manufacturing footprint expanded from China into Southeast Asia. Revenue and EBITDA rose by 6.7% and 16%, respectively, during the holding period.

Preed Life (VIG Partners)

VIG Partners sold South Korean funeral services business Preed Life to Woongjin Group for an enterprise value of KRW 1trn (USD 708m) in June 2025, securing a 3.5x return. The private equity firm acquired Joun Life in 2016 and Preed Life in 2020, the key pieces in a buy-and-build effort that created an industry leader. Through a combination of scaling and improving a business model that sees customers – or subscribers – prepay for funerals, subscriber numbers and revenue rose 64% and 276% in 2020-2024, and the company started turning an operating profit. VIG also made two partial exits along the way.

Samhwa (TPG Capital)

TPG Capital exited Samhwa, a South Korea-based cosmetics packaging business, to KKR at a valuation of KRW 733bn (USD 528m) in September 2025. The sponsor bought 100% of Samhwa in 2023 from the company’s founder and CEO at a reported valuation of less than KRW 300bn. It supported Samhwa’s evolution from a family-owned business into one of the top cosmetic packaging producers in Asia, and among the top 10 globally, serving more than 300 domestic and international brands. TPG’s value creation efforts included driving new product innovation – emphasizing premium product segments – and improving efficiencies in production, shipment and delivery planning.

Sun Valley (DCP)

DCP sold a 54% stake in China-based poultry business Sun Valley to Fujian Sunner Development for CNY 1.13bn (USD 168m) in September 2025. This gave Fujian Sunner full ownership, following the acquisition of a 46% interest in 2023. DCP bought 100% of Sun Valley earlier the same year through a carve-out of Cargill’s loss-making China poultry operation. It led a business turnaround, restructuring and upgrading management, establishing new key performance indicators, improving breeding efficiency, reducing procurement and logistics costs, engaging in product innovation, and capturing growth from premium segments. Within two years, Sun Valley was delivering a net profit.