QHP Capital Closes $1.1B Single-Asset Continuation Vehicle for Azurity Pharmaceuticals

QHP Capital Completes Major Healthcare CV Transaction QHP Capital, a leading healthcare-focused private equity firm, has announced the closing of a $1.1 billion single-asset continuation vehicle for Azurity Pharmaceuticals, Inc. The transaction — one of the largest recent GP-led secondaries in the healthcare sector — was led by HarbourVest Partners and provides a dual liquidity-and-continuity solution for both existing and incoming investors. Transaction Structure and Participants Lead investor: HarbourVest Partners, LLC Significant participant: Pantheon Ventures, L.P. Structured growth investment + syndicate: Audax Strategic Capital (ASC) Existing QHP LPs given option to either exit with returns or roll proceeds into the Continuation Vehicle QHP's subsequent fund and other existing shareholders remain significant investors in Azurity Strategic Rationale for the CV The continuation vehicle structure allows QHP to maintain operational control and pursue Azurity's organic growth, business development, and potential strategic M&A — all while providing full or partial liquidity to LPs in the selling fund. ASC's dual role as both structured growth capital provider and CV syndicate investor reflects the increasingly sophisticated deal engineering seen in today's GP-led secondary transactions. "This CV reflects our strong conviction in Azurity's strategy and leadership," said Jeff Edwards, Partner at QHP Capital. "We are pleased to partner with HarbourVest as lead investor alongside Pantheon and Audax Strategic Capital." Azurity's Growth Trajectory Azurity Pharmaceuticals focuses on developing and commercializing medicines for underserved patient populations, with a track record of strong organic growth. The new capital will support expanded pipeline investment, global reach, and potential bolt-on acquisitions — a classic continuation vehicle value creation thesis. Why This Matters for Private Markets This transaction is emblematic of the GP-led continuation vehicle wave reshaping private equity liquidity. As PE managers seek to hold high-conviction assets longer while offering LPs flexibility, single-asset CVs have become a mainstream exit-and-continuity mechanism. HarbourVest's role as lead investor — complemented by its recently closed $1.1 billion Private Equity Continuation Solutions fund — further underscores how dedicated secondary capital is institutionalizing and scaling to meet GP-led deal demand across healthcare and beyond.