QHP Capital Closes $1.1B GP-Led Continuation Vehicle for Azurity Pharmaceuticals

Transaction Overview QHP Capital has finalized a $1.1 billion single-asset continuation vehicle (CV) for Azurity Pharmaceuticals, marking one of the largest GP-led secondary transactions in the healthcare sector this year. The deal closed in mid-March 2026 and was led by HarbourVest Partners, with Pantheon Ventures participating as a significant investor. Structure and LP Participation The transaction offered existing limited partners in QHP's selling fund a choice: take immediate liquidity at strong returns, or roll their proceeds into the new Continuation Vehicle. There was broad LP participation, including strong re-up rates from existing QHP investors — a signal of confidence in both the GP and the underlying asset. Lead investor: HarbourVest Partners Co-investor: Pantheon Ventures Additional structured growth capital: Audax Strategic Capital (ASC) ASC also participated as a syndicate investor in the CV itself Use of Proceeds The new capital will support Azurity's continued organic growth, business development and licensing activities, and potential strategic M&A. QHP retains operational control of Azurity and continues executing on its long-term value creation plan. This CV reflects our strong conviction in Azurity's strategy and leadership. We are pleased to partner with HarbourVest as lead investor alongside Pantheon and Audax Strategic Capital. — Jeff Edwards, Partner at QHP Capital Why This Matters for Private Markets GP-led continuation vehicles have become the dominant tool for GPs seeking to hold high-conviction assets longer while providing LP liquidity. The strong re-up rates seen in this transaction — and a broader trend observed by industry analysts — suggest that LPs are increasingly willing to roll into CVs when the asset quality and GP track record are compelling. As the secondary market matures, the bifurcation between trophy-asset CVs with strong re-ups and lower-quality transactions struggling for LP support will become a key pricing signal for secondaries buyers.