Key Takeaways
- • CapVest, a €12 billion ($13.8 billion) assets-under-management firm, has raised approximately $3.8 billion for a continuation fund targeting Curium Pharma, representing one of the largest continuation vehicles raised globally.
- • The recapitalization values Curium at approximately $7 billion, marking the largest transaction in nuclear medicine globally and demonstrating CapVest's ability to execute mega-scale continuation fund structures despite its mid-market positioning relative to larger PE titans.
- • CapVest initiated its relationship with Curium through a €1.2 billion single-asset continuation fund in 2020, now escalating to a CV-on-CV (continuation vehicle on continuation vehicle) structure that enables further growth acceleration.
- • Transaction completion is expected in Q1 2026, subject to customary regulatory approvals, with CapVest retaining controlling interest in the recapitalized asset.
- • Kirkland & Ellington advised CapVest on the recapitalization, underscoring institutional-grade execution on a complex, multi-billion-dollar continuation fund deployment.
Summary
CapVest has secured $3.8 billion in capital commitments for a continuation fund focused on recapitalizing Curium Pharma, establishing itself as a formidable operator in the continuation fund marketplace despite managing significantly less AUM than larger private equity competitors. The transaction values Curium at approximately $7 billion and represents the largest deal in nuclear medicine to date, according to Bloomberg and transaction announcements. This deployment marks a substantial evolution in CapVest's relationship with Curium, which began with a €1.2 billion single-asset continuation fund in 2020.
The structure employed—a CV-on-CV model—reflects an increasingly sophisticated continuation fund strategy within private equity. Rather than traditional fund-to-fund transitions, CapVest is layering a new continuation vehicle atop the existing Curium holding, enabling further growth capital deployment while maintaining operational continuity and founder incentives. This approach has gained traction as sponsors seek to accelerate portfolio company expansion without executing full exit sales or dividend recapitalizations.
CapVest's execution on a $3.8 billion raise positions the firm among the largest continuation fund operators globally, a notable achievement for a mid-market manager. The transaction underscores the institutional appetite for continuation structures as an alternative to traditional secondary sales or dividend-funded growth, particularly in healthcare and pharma assets where long-term value creation narratives remain compelling. Legal counsel Kirkland & Ellington advised on the transaction, reflecting institutional-grade execution standards.
Transaction closure is anticipated in Q1 2026, contingent upon customary regulatory approvals. CapVest will maintain controlling interest in Curium following the recapitalization, ensuring continuity in management strategy and operational control while accessing fresh capital for acceleration initiatives within the nuclear medicine business.
The structure employed—a CV-on-CV model—reflects an increasingly sophisticated continuation fund strategy within private equity. Rather than traditional fund-to-fund transitions, CapVest is layering a new continuation vehicle atop the existing Curium holding, enabling further growth capital deployment while maintaining operational continuity and founder incentives. This approach has gained traction as sponsors seek to accelerate portfolio company expansion without executing full exit sales or dividend recapitalizations.
CapVest's execution on a $3.8 billion raise positions the firm among the largest continuation fund operators globally, a notable achievement for a mid-market manager. The transaction underscores the institutional appetite for continuation structures as an alternative to traditional secondary sales or dividend-funded growth, particularly in healthcare and pharma assets where long-term value creation narratives remain compelling. Legal counsel Kirkland & Ellington advised on the transaction, reflecting institutional-grade execution standards.
Transaction closure is anticipated in Q1 2026, contingent upon customary regulatory approvals. CapVest will maintain controlling interest in Curium following the recapitalization, ensuring continuity in management strategy and operational control while accessing fresh capital for acceleration initiatives within the nuclear medicine business.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.