ADIA Joins Lead Role in GL Capital’s SciClone Continuation Vehicle

A wholly owned subsidiary of the Abu Dhabi Investment Authority has committed as lead investor to a single-asset continuation vehicle by GL Capital centred on SciClone Pharmaceuticals. The move marks a notable entry from a sovereign wealth fund into a GP-led secondary structure in the healthcare sector.

The CV is understood to be valued around USD 230 million, according to ION Analytics. ADIA’s subsidiary has not disclosed its exact capital deployment. The transaction enables GL Capital to retain control over SciClone’s operations while offering liquidity to existing fund stakeholders. Rede Partners is advising the deal.

GL Capital originally invested in SciClone via a take-private deal in 2017, a move it followed with a re-listing in Hong Kong in 2021 and a further takeover in the past year. The continuation vehicle is structured to extend GL Capital’s hold beyond the typical fund life, allowing it to scale SciClone’s commercial operations and pipeline development.

SciClone operates in oncology, immunology and infectious disease treatment spaces. Before the take-private, the company reported revenue of CNY 3.15 billion and net profit of CNY 1.12 billion, reflecting year-on-year growth of 14.8 percent and 31.2 percent, respectively. Operating cash flow for that year was CNY 1.4 billion.

Hamad Shahwan Aldhaheri, Executive Director of ADIA’s Private Equities Department, said: “SciClone is a market-leading business that is well-positioned to benefit from long-term structural trends in China’s healthcare sector. This investment alongside GL Capital reflects our ability to back high-conviction opportunities alongside experienced managers with a proven track record of value creation.”

Industry participants view this as part of a broader trend: continuation vehicles are increasingly used by private equity firms to hold high-quality assets longer rather than liquidate at fund maturity. China, in particular, has seen growing adoption of such vehicles in the past years.

At least one source familiar with the matter says the deal includes a material GP commitment to align incentives. Although GL Capital, ADIA, and Rede declined comment, that structure is commonly used to reassure limited partners about continuing alignment in single-asset CVs.

SciClone is one of Asia’s more significant single-asset transactions in 2025 thus far. It competes with other sizeable CV initiatives such as IDG Capital’s USD 500 million multi-asset CV and KKR’s USD 300 million single-asset deal in biotechnology.