Key Takeaways
- • CapVest Partners, a London-based mid-market private equity firm managing €12 billion ($13.8 billion) in assets, has raised $3.8 billion for a continuation fund focused on its portfolio company Curium, valued at approximately $7 billion in the transaction.
- • The continuation vehicle attracted a prominent investor syndicate including TPG Inc., ICG Plc, CVC Secondary Partners, Goldman Sachs Asset Management, Ardian, and Abu Dhabi's Lunate, demonstrating institutional confidence in the nuclear medicine specialist.
- • The recapitalization of Curium Pharma—a leading global producer of radiopharmaceuticals and nuclear tracers for diagnostic imaging—represents the largest transaction in nuclear medicine globally and follows CapVest's execution of Europe's largest leveraged buyout of 2025.
- • The transaction exemplifies the expanding continuation fund (CV) market as a viable exit mechanism for mid-market PE sponsors seeking to retain portfolio companies beyond typical fund lifecycles while monetizing for existing investors.
Summary
CapVest Partners, a London-based private equity firm traditionally regarded as a specialist operator rather than a mega-fund competitor, has executed a substantial continuation fund raise of $3.8 billion for Curium Pharma, valuing the nuclear medicine business at approximately $7 billion. The transaction reflects CapVest's strengthened position in the market following its execution of Europe's largest leveraged buyout deal in 2025, despite the firm's relatively modest asset base of €12 billion ($13.8 billion) under management.
The continuation vehicle secured capital commitments from a blue-chip investor cohort spanning established secondary specialists and generalist platforms. TPG Inc., ICG Plc, and CVC Secondary Partners anchored the raise, while Goldman Sachs Asset Management, Ardian, and Abu Dhabi's Lunate completed the syndicate. The multi-sponsor approach underscores institutional appetite for continuation structures as an alternative liquidity mechanism, particularly for portfolio companies with strong operational trajectories warranting extended capital deployment rather than traditional exit strategies.
Curium, a leading global producer of radiopharmaceuticals and nuclear tracers utilized in diagnostic imaging, has benefited from CapVest's ownership since 2016, when CapVest Associates acquired IBA Molecular Imaging for €200 million. The company was subsequently formed through the 2017 merger of IBA Molecular and Mallinckrodt Nuclear Medicine LLC. The recapitalization represents the largest transaction in nuclear medicine globally and positions Curium to accelerate growth initiatives under new capital and extended PE ownership.
The continuation fund structure reflects the maturing market for CV-on-CV transactions, whereby sponsors retain portfolio company stakes while refinancing capital to returning investors. This approach enables CapVest to maintain operational control and capture incremental value creation while providing liquidity to existing fund investors. Legal counsel Kirkland & Ellis advised CapVest on the recapitalization, indicating institutional-grade transaction execution standards.
The continuation vehicle secured capital commitments from a blue-chip investor cohort spanning established secondary specialists and generalist platforms. TPG Inc., ICG Plc, and CVC Secondary Partners anchored the raise, while Goldman Sachs Asset Management, Ardian, and Abu Dhabi's Lunate completed the syndicate. The multi-sponsor approach underscores institutional appetite for continuation structures as an alternative liquidity mechanism, particularly for portfolio companies with strong operational trajectories warranting extended capital deployment rather than traditional exit strategies.
Curium, a leading global producer of radiopharmaceuticals and nuclear tracers utilized in diagnostic imaging, has benefited from CapVest's ownership since 2016, when CapVest Associates acquired IBA Molecular Imaging for €200 million. The company was subsequently formed through the 2017 merger of IBA Molecular and Mallinckrodt Nuclear Medicine LLC. The recapitalization represents the largest transaction in nuclear medicine globally and positions Curium to accelerate growth initiatives under new capital and extended PE ownership.
The continuation fund structure reflects the maturing market for CV-on-CV transactions, whereby sponsors retain portfolio company stakes while refinancing capital to returning investors. This approach enables CapVest to maintain operational control and capture incremental value creation while providing liquidity to existing fund investors. Legal counsel Kirkland & Ellis advised CapVest on the recapitalization, indicating institutional-grade transaction execution standards.
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