Key Takeaways
- • CVC Credit has extended continued financing support to Curium, the world's leading nuclear medicine provider, through its Capital Solutions strategy, leveraging over five years of lending relationship with the company.
- • CapVest recapitalized Curium in November 2025 through a new Continuation Vehicle valued at approximately $7 billion, with CVC Secondary Partners playing a lead role alongside anchor investors ICG and TPG GP Solutions.
- • CVC Credit's multi-platform involvement—combining expertise from CVC Private Equity, CVC Secondaries, and CVC Credit as an existing lender—enabled the firm to move quickly and secure the transaction as part of a broader syndicate.
- • The recapitalization is positioned to strengthen Curium's strategy to accelerate product launches, innovation, and global expansion in diagnostic imaging and therapeutic solutions for cancer treatment.
- • CVC Credit's Capital Solutions strategy continues to provide bespoke financing solutions to established portfolio companies and sponsors, diversifying CVC's investment approach across debt and equity platforms.
Summary
CVC Credit has maintained its financial support for Curium, the leading independent platform in nuclear medicine, through a recapitalization transaction structured by CapVest and completed in November 2025. The transaction valued Curium at approximately $7 billion and was anchored by lead investors ICG, TPG GP Solutions, and CVC Secondary Partners, with CVC Credit providing debt financing as part of a broader lender syndicate that also included Crescent Capital. The new Continuation Vehicle broadened Curium's investor base and increased financial resources available to support the next phase of the company's growth strategy.
CVC Credit's involvement in the Curium recapitalization demonstrates the firm's integrated approach across its multiple investment platforms. With more than five years of lending history to Curium, CVC Credit was positioned as an existing creditor with deep operational knowledge. Combined with CVC Private Equity's and CVC Secondaries' historical involvement in the company, this multi-platform experience enabled CVC to move decisively through the transaction process. CVC Secondary Partners took a lead role in structuring the Continuation Vehicle, leveraging institutional expertise in continuation fund mechanics to facilitate the recapitalization.
Curium, founded in 2017 through the combination of two nuclear imaging businesses, manufactures and distributes diagnostic imaging products used in cancer detection and treatment of heart, brain, lung, and bone diseases. The company maintains a pipeline of therapeutic products for cancer treatment. Renaud Dehareng, Chief Executive Officer, stated that the recapitalization positions Curium to "accelerate our ambitious global strategy, and drive product launches, innovation and growth – changing the lives of millions of patients."
The financing is being deployed through CVC Credit's Capital Solutions strategy, which provides customized financing solutions to established portfolio companies and sponsors. This approach allows CVC Credit to support growth initiatives and operational milestones with flexible capital structures tailored to specific business requirements. The Curium transaction exemplifies CVC's broader investment philosophy of building diversified portfolios across debt, equity, and secondary vehicles to optimize risk-adjusted returns for its limited partners.
CVC Credit's involvement in the Curium recapitalization demonstrates the firm's integrated approach across its multiple investment platforms. With more than five years of lending history to Curium, CVC Credit was positioned as an existing creditor with deep operational knowledge. Combined with CVC Private Equity's and CVC Secondaries' historical involvement in the company, this multi-platform experience enabled CVC to move decisively through the transaction process. CVC Secondary Partners took a lead role in structuring the Continuation Vehicle, leveraging institutional expertise in continuation fund mechanics to facilitate the recapitalization.
Curium, founded in 2017 through the combination of two nuclear imaging businesses, manufactures and distributes diagnostic imaging products used in cancer detection and treatment of heart, brain, lung, and bone diseases. The company maintains a pipeline of therapeutic products for cancer treatment. Renaud Dehareng, Chief Executive Officer, stated that the recapitalization positions Curium to "accelerate our ambitious global strategy, and drive product launches, innovation and growth – changing the lives of millions of patients."
The financing is being deployed through CVC Credit's Capital Solutions strategy, which provides customized financing solutions to established portfolio companies and sponsors. This approach allows CVC Credit to support growth initiatives and operational milestones with flexible capital structures tailored to specific business requirements. The Curium transaction exemplifies CVC's broader investment philosophy of building diversified portfolios across debt, equity, and secondary vehicles to optimize risk-adjusted returns for its limited partners.
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