A wholly owned subsidiary of the Abu Dhabi Investment Authority has anchored an investment in a multi-asset continuation vehicle for CDH Investments’s fifth flagship fund as it continues to scout for secondary opportunities in Greater China.
The continuation fund was set up to acquire a diversified portfolio of mid-large-cap assets primarily exposed to China, each a leading player in its respective industry, according to a statement. The portfolio value is at $770 million, as of December 31, 2024.
“This transaction underscores our continued interest in investing in high-quality assets in China, and demonstrates our ability to invest flexibly and via different deal structures alongside proven partners,” said Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA.
The deal came months after ADIA led an investment in GL Capital’s single-asset continuation vehicle that moved stakes in SciClone Pharmaceuticals, a China-focused pharmaceutical company specialising in oncology and immunity.
Fairview Capital Group acted as the financial advisor to CDH. Debevoise & Plimpton LLP acted as legal counsel for CDH, while Freshfields served as legal counsel for ADIA.
DealStreetAsia reported on the process advised by Fairview in September 2025.
Asia’s GP-led secondary market reached a new phase in 2025 with a flurry of deals in a niche corner of what used to be perceived as just a way for money managers to earn extra compensation as they sit on assets for longer. Across China and India, recent continuation vehicles have not only delivered distributions and driven primary fundraises but have been followed by rapid liquidity events.
