China’s Trustar Capital is pursuing a multi-asset continuation vehicle (CV) for three businesses held in one of its older funds, according to three sources familiar with the situation.

The companies in question are quick service restaurant operator McDonald’s China, condom manufacturer LifeStyles Healthcare China, and cosmetics packaging supplier Axilone. All three sit in Trustar’s third fund, which closed on USD 1.6bn in 2017.

Trustar has yet to decide on the size and structure of the CV, the sources said. Two sources added that negotiations are underway with different parties, including prospective lead investors. The first source observed that Trustar may move portions of its stakes into the CV rather than entire positions.

The third source added that Trustar is looking for ways to return capital to LPs before launching its sixth fund, which is expected at some point in 2027.

The GP teamed up with Carlyle and a unit of China’s CITIC Group to acquire 80% of McDonald’s China in 2017 at a USD 2.6bn valuation. Carlyle exited via a buyback in 2024. Trustar, which had already bought CITIC’s position, completed a fund-to-fund transfer accompanied by LP co-investment a year later.

The bulk of Trustar’s 52% interest in McDonald’s China now sits in its fifth fund, which closed on USD 1.2bn in late 2025. However, the first source noted that Fund III retained some exposure.

Trustar and Humanwell Healthcare acquired LifeStyles, the sexual wellness division of Australia’s Ansell, in 2017 for USD 600m, including debt. They split the equity 40-60. Humanwell later reduced its position to 20%, with Hillhouse Capital, Boyu Capital and CareCapital Partners coming in as new investors.

LifeStyles sold its non-China assets to US-based Linden Capital Partners in 2022. Mergermarket reported at the time that LifeStyles had an estimated enterprise value of USD 1.1bn and the ex-China assets alone were worth around USD 450m. The China business was expected to pursue an IPO.

Trustar acquired Axilone, which is headquartered in Europe but has manufacturing operations in China, from Oaktree Capital Management for USD 687m in 2017. Mergermarket reported in June that Trustar was in talks about a refinancing, having previously hired Bank of America to sound out potential buyers.

CDH Investments completed a tail-end cleanup transaction for a China portfolio earlier this year. The firm raised USD 500m for a CV comprising five assets, enabling it to fully exit its 2014-vintage fifth fund. Abu Dhabi Investment Authority (ADIA) was the lead investor.

Trustar declined to comment.