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

Transaction Overview QHP Capital announced the closing of a $1.1 billion single-asset continuation vehicle for Azurity Pharmaceuticals, Inc. in February 2026. The transaction is a textbook GP-led secondary: existing limited partners in QHP's selling fund were offered the choice to either take liquidity at strong returns or roll proceeds into the new continuation vehicle. Lead investor: HarbourVest Partners Co-investor: Pantheon Ventures (significant position) Structured growth investor: Audax Strategic Capital (ASC), which also participated as a syndicate investor in the CV Asset: Azurity Pharmaceuticals (specialty pharma, focused on overlooked patient populations) Why QHP Pursued a Continuation Vehicle QHP Capital expressed strong conviction in Azurity's long-term strategy and sought to maintain control while extending its investment horizon. The continuation vehicle structure achieves several objectives simultaneously: it provides liquidity to LPs seeking an exit, retains high-conviction GP exposure to a performing asset, and injects fresh capital to support organic growth, business development, licensing activities, and potential strategic M&A. 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 LP Rollover as a Quality Signal Notably, QHP's subsequent fund and other existing shareholders chose to remain significant investors in Azurity, signaling broad internal alignment on the company's continued value creation potential. Strong LP rollover participation is widely regarded by secondary market buyers as a key quality indicator when evaluating GP-led continuation vehicles. Why This Matters for Private Markets This transaction exemplifies the maturation of the GP-led secondaries market. High-quality single-asset continuation vehicles with credible lead investors like HarbourVest are now a routine tool for top-tier GPs managing performing assets beyond the natural fund lifecycle. For secondary investors, the combination of strong LP rollover, a reputable lead, and a clear operating thesis at the portfolio company level represents the ideal risk-adjusted profile for a GP-led CV. As continuation vehicles become more common across healthcare and life sciences, pricing for quality assets in this segment is likely to remain highly competitive.