A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) has emerged as the lead investor in the creation of a single-asset continuation vehicle (CV) by GL Capital.
GL Capital, a China-based private equity firm focused on healthcare, is raising the CV for SciClone Pharmaceuticals, a U.S.-based company. While ADIA did not disclose the size of its investment, a report by ION Analytics estimates the vehicle to be valued at approximately USD 230 million.
Hamad Shahwan Aldhaheri, Executive Director of ADIA’s Private Equities Department, commented: “SciClone is a market-leading business that is well-positioned to benefit from long-term structural trends in China’s healthcare sector.”
GL Capital led a consortium that acquired SciClone in a USD 605 million take-private transaction in 2017. The continuation vehicle enables GL Capital to retain control of SciClone while scaling the company’s operations.
