Deal of the Year – Secondary

Advent Partners (Hamilton Lane, Sagard)

Advent Partners closed a AUD 380m (USD 265m) single-asset continuation vehicle for Australia-based radiology business Imaging Associates in August 2026 that allowed for a significant bolt-on acquisition. Hamilton Lane and Sagard were the lead investors. Having backed Imaging Associates in 2021 via its 2018-vintage fourth fund, Advent had more than doubled the business size. A merger with Radiology SA offered a pathway to additional growth, and a CV allowed LPs to choose between retaining exposure or taking liquidity. The combined entity is one of Australia’s largest radiology platforms with 28 private clinics, nine public hospital contracts, and a teleradiology business.  

CDH Investments (Abu Dhabi Investment Authority)

CDH Investments closed an approximately USD 500m multi-asset continuation vehicle for six positions from its fifth flagship China fund in January 2026. Abu Dhabi Investment Authority (ADIA) was the lead investor. It enabled CDH to fully exit the 2014-vintage fund. The CV was unusual because the largest position, China’s Grand Pharmaceutical Group, is listed in Hong Kong, and the second-largest, Australia-based medical devices manufacturer Sirtex Medical, is majority-owned by Grand Pharma. The other assets are fashion footwear brand Belle International, Singapore-based pre-school educational technology business Ednovation, testing and learning solutions provider ATA Online, and food delivery platform Taobao Shangou.

CVC (HarbourVest Partners)

CVC closed a USD 530m single-asset continuation vehicle for GC Company, a South Korean travel platform, in December 2025. HarbourVest Partners was the lead investor, with CVC committing capital from its most recent pan-regional fund. It is one of only two CVs raised by a global sponsor for an Asia-based asset. CVC acquired an 80% stake in GC, also known as Good Choice, in 2019 via its 2014-vintage fourth Asian fund. The deal was worth over KRW 340bn (USD 285m). GC is Korea’s second-largest online travel agency with a user base of 20 million and 4.4 million monthly active users.

Kedaara Capital (Pantheon)

Kedaara Capital closed a USD 310m multi-asset continuation vehicle comprising eyewear retailer Lenskart and insurance provider Care Health in September 2025. Pantheon was the lead investor. The CV comprised portions of Kedaara’s interests in both companies – acquired from its second fund and co-investment vehicles – and follow-on capital. Kedaara invested in Lenskart and Care Health in 2019 and 2020, respectively, and each had materially outperformed the sponsor’s original underwriting assumptions. However, while Lenskart was preparing for an IPO – it listed in December 2025 – Care Health needed time to execute a value creation strategy expected to stretch beyond Fund II’s investment horizon.

Pemba Capital Partners (TPG NewQuest)

Pemba Capital Partners closed a AUD 360m (USD 251m) single-asset continuation vehicle for Australia-based Vets Central in June 2026. TPG NewQuest was the lead investor. It delivered a 5x return for the sponsor’s 2021-vintage second fund, while offering additional runway for a business that, even after expanding from six clinics to 80-plus, had more to give. Pemba acquired Vets Central in 2021, looking to execute a buy-and-build strategy in a fragmented industry. Consolidation still has some way to run: 15% of 4,600 clinics across Australia and New Zealand are owned by corporates, compared to over 50% in the UK.