Deal of the Year – Mid Cap
(Equity commitment – below USD 150m)

Apex Healthcare (Quadria Capital)

Quadria Capital paid USD 100m for a minority stake in India’s Aragen Life Sciences at a valuation of USD 1.4bn in January 2025. It targeted the contract research, development, and manufacturing organisation (CRDMO) space in the expectation that customers would diversify China-centric supply chains and India could offer a competitively priced alternative. Aragen is a top three player in India, generating USD 203m in revenue in 2023 from a client base that includes eight of the 10 largest global pharma companies. Seven months later, Avendus Capital and SBI Life Insurance backed Aragen in what was described as a pre-IPO round.

Fast Fitness Japan (Japan Growth Investments Alliance)

Japan Growth Investments Alliance (JGIA) acquired Japan-based gym operator Fast Fitness Japan in January 2026 following a tender offer. The deal transacted at a market capitalisation of JPY 43.4bn (USD 274m). Fast Fitness holds the local master franchise for the Anytime Fitness brand and had 1,217 24-hour self-service gyms – with an 80%-20% split between sub-franchising and direct ownership – and 1.1 million members as of September 2025. Nevertheless, national fitness participation is still only 5% compared to 23.7% in the US. JGIA is working on refining site expansion strategies, strengthening marketing initiatives, and improving customer experience by through digital transformation.

Japan Golf Tour (NSSK)

NSSK acquired a newly formed entity that will operate the commercial activities of Japan’s Professional Golf Tour in April 2026 – a deal similar in structure to that involving the US PGA Tour. Jun Tsusaka, CEO of NSSK and a keen golfer, sourced the opportunity partly through his engagement with players at pro-am events. Around JPY 20bn (USD 125m) is expected to be put to work on a staged basis to build a sustainable and profitable business. In addition to increasing the number of tournaments, more will be done to monetise sponsorships and broadcasting and streaming rights and improve fan engagement.

Koru Pharma (Lyfe Capital)

Lyfe Capital completed its debut solo control deal in April 2026 with the acquisition of a 70% stake in Koru Pharma, a South Korea-based medical aesthetics business, for an enterprise valuation of about USD 100m. The deal was sourced on a proprietary basis, with Lyfe beginning discussions with the founder – who initially preferred a minority investment – two years earlier. Its pitch was to drive further global expansion for a company that already sells injectables, skin boosters, and regenerative medicine via B2B channels in more than 120 countries. The US, Europe, Korea, Japan, and China account for half of revenue.

One Aged Care (TPG)

TPG established One Aged Care, a Southeast Asia-based senior healthcare services group, through a series of acquisitions, including a proprietary take-private situation. Execution was complicated by the need to address the distinct priorities of different sellers, while presenting a credible vision for the combined platform. The investment, announced in March 2026, is under TPG’s Asia mid-market strategy. The main component parts – Econ Healthcare, Orange Valley Nursing Home and Ambulance Medical Services – sit within a unified holding structure but continue to operate individual brands. One Aged Care has 16 nursing home facilities with more than 2,400 beds across Singapore and Malaysia.