CapVest Partners has secured backing from a heavyweight syndicate of secondaries investors for a new continuation fund that values its radiopharmaceuticals platform Curium at roughly $7bn, marking one of the largest continuation vehicles raised worldwide this year, according to a report by Bloomberg.
The London-based mid-market firm – long regarded as a specialist operator rather than a mega-fund player – has now raised about $3.8bn for the vehicle, according to a person familiar with the process. Investors include TPG, ICG, CVC Secondary Partners, Goldman Sachs Asset Management, Ardian and Abu Dhabi’s Lunate.
Continuation funds have become a defining feature of the private equity landscape as managers seek to hold high-performing assets for longer amid muted exit markets. Jefferies data shows these vehicles represented nearly 20% of private equity exits in H1 2025, up from 13% last year.
For CapVest, the new fund marks a major step into the top tier of secondary-led transactions and follows closely on the heels of its €10bn acquisition of German pharma group Stada – the firm’s largest-ever deal.
Curium itself was created in 2017 through the merger of IBA Molecular and Mallinckrodt’s nuclear medicine business. A 2020 sale process stalled during the pandemic, prompting CapVest to initially move the asset into a continuation structure. The latest deal – effectively a “CV-on-CV” or “CV-squared” transaction – allows the firm to retain ownership for several more years. Such structures remain rare in the market, though similar moves have recently been executed by Accel-KKR and PAI Partners.
