CDH Investments raised around USD 500m for a recently closed continuation vehicle (CV) that features six positions from its fifth flagship China fund, said four sources familiar with the situation.

Abu Dhabi Investment Authority (ADIA) announced earlier this month that it led the transaction, adding that the “scaled and diversified portfolio” had a net asset value (NAV) of USD 770m as of end-2024. It offered no other details regarding the size of the transaction or the identity of the assets.

The first two sources said it amounted to USD 480m, while the third and fourth sources put the size at approximately USD 500m. This implies a discount to NAV of around 36%, based on the stated valuation. The fourth source added that CDH has now fully exited Fund V, which closed on USD 2.55bn in 2014.

The transaction, for which Fairview Capital Group served as financial advisor, underscores the growing appeal of China GP-led secondaries. Asia saw seven CVs of USD 200m or more in 2025, according to information disclosed or previously reported. Three involved China-related assets.

Meanwhile, HSG is currently in the market with a China-focused multi-asset CV that includes part of its position in ByteDance. Should the deal proceed, it would be one of the largest CVs ever raised globally, given a targeted ByteDance valuation of at least USD 350bn.

ADIA has also demonstrated its willingness to lead these deals. It was the sole investor in a USD 230m single-asset CV raised last year by GL Capital for Chinese drug maker SciClone Pharmaceuticals. In 2024, it anchored a GP-led tender offer launched by PAG for positions in funds with sizeable China exposure.

CDH’s CV was unusual because the largest position, Grand Pharmaceutical Group, trades on the Hong Kong Stock Exchange, the sources said. Moreover, the second-largest position is Sirtex Medical, an Australia-based medical devices manufacturer majority-owned by Grand Pharma.

Other assets in the CV include fashion footwear brand Belle International, Singapore-based pre-school educational technology company Ednovation, testing and learning solutions provider ATA Online, and LEH, a holding entity for food delivery platform Taobao Shangou.

CDH invested USD 40m in Grand Pharma via a PIPE deal in 2014 and contributed another USD 20m in 2016. The PE firm previously claimed to have helped Grand Pharma with a string of add-on acquisitions that transitioned the business from pure-play drug ingredients manufacturing to a broader set of competencies spanning pharmaceutical preparations, medical devices, and innovative drugs.

Sirtex was one of these acquisitions. They teamed up to privatise the company – then listed on the Australian Securities Exchange – in 2018 at a market capitalisation of about AUD 1.87bn (USD 1.4bn). Grand Pharma owns 51% of Sirtex, with CDH holding 49%.

As of December 2024, CDH had a 10.05% stake in Grand Pharma, according to public disclosures. In May 2025, it sold 1.43% for HKD 390m (USD 50m). The remaining 8.62% was transferred to the CV – CDH V CV Fund – for USD 82m in December 2025. Based on Grand Pharma’s closing price on 31 December 2024, the stake was worth HKD 1.3bn (USD 167m).

CDH first invested in Belle via its second fund in 2005 and exited following a Hong Kong IPO two years later. In 2017, Fund V supported a Hillhouse Investment-led take-private of the company. Belle’s sportswear business was spun off through a listing in 2019. The main business is still privately held, though it filed for Hong Kong IPOs in 2022 and 2024. CDH owned 9.16%, according to the most recent prospectus.

Ednovation is another control from 2017. CDH acquired a 36.4% stake from Tembusu Partners, reportedly paying SGD 50m (USD 35m), and then committed another SGD 10m to support growth initiatives, taking its total interest to 51%.

ATA Online was a carve-out from US-listed ATA in 2018. CDH contributed USD 45m to a USD 200m deal and took a 49% stake, with a consortium led by the company’s CEO put in the rest.

The GP backed a growth round for Alibaba Group-controlled Koubei earlier the same year. Alibaba acquired competing food delivery platform Ele.me soon after, and the two businesses were placed under LEH and ultimately merged and rebranded. CDH rolled its Koubei stake into LEH.

Established in 2002, CDH has over USD 20bn in assets under management across private equity, venture and growth equity, private credit, public equities, and real assets. Its most recent flagship US dollar-denominated private equity fund – Fund VI – closed on USD 1.5bn in late 2019. Since then, the firm has raised several venture-growth funds.

CDH did not respond to a request for comment. ADIA and Fairview both declined to comment.