CVC Secondary Partners is leading a continuation vehicle of about $500 million for a US medical device maker owned by Montagu, Secondaries Investor reported on Tuesday. Beside CVC, Golub Capital is investing too. Meanwhile, Constellation Capital moved its German adult-education platform into a €100 million vehicle led by Committed Advisors, it said on 9 October. In addition, Adams Street launched an evergreen fund that buys venture secondaries, with $363.5 million from anchor investors.

The tape

• DEAL  Peninsula, Borja Prado's fund, moved its 20% of Galenicum, maker of a generic Ozempic, into a new vehicle at four times cost, Cinco Días reported.
• DEAL  S2 Capital, a Dallas apartment investor, used the first close of a continuation vehicle to refinance 26 buildings carrying $1.2 billion of loans.
• FUND  StepStone has passed half of a $6 billion target for its sixth secondaries fund, up from the $3.1 billion counted here on 10 October.
• FUND  Quilvest is weighing letting its partners into 20% of its capital and is launching a first vehicle dedicated to GP-led deals, L'Agefi reported on Tuesday.
• LP  Patria Private Equity Trust sold no fund positions in the June quarter and bought two, Project Captain and Project Hamachi, for £12.8 million.
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CVC backs Montagu's second single-asset vehicle

Montagu has put a second company into a continuation vehicle in eleven months, and CVC is a buyer both times. CVC Secondary Partners leads a vehicle of about $500 million for a US medical device manufacturer that Montagu owns, Secondaries Investor reported on Tuesday. Beside CVC, Golub Capital is also investing, the report says. Its sponsor Montagu is a buyout house of about 150 professionals. It has five offices, from London to New York, and it invests in five sectors, healthcare among them. However, Secondaries Investor does not name the company, and neither Montagu nor CVC has announced the deal.

Montagu owns two American device businesses that fit the description. The first is the orthopedic implant maker it built in 2025 by combining Tyber Medical with Intech and Resolve Surgical Technologies, which make implants and instruments for other brands. The second is Ingenyx, the former Teleflex Medical OEM unit of Plymouth, Minnesota, which Montagu bought with Kohlberg and relaunched under that name on 4 August. But which of the two is in the vehicle is not reported.

The earlier vehicle was for Wireless Logic, the UK IoT connectivity platform. On 3 November 2025 Montagu closed a €2 billion continuation vehicle for it, led by TPG GP Solutions, with CVC Secondary Partners and Partners Group as co-leads and Evercore advising. CVC's money this time comes from Secondary Opportunities Fund VI, which closed at $10 billion on 3 September, as read here on 3 September. That fund buys LP portfolios and GP-led deals in the mid-market. In turn, Golub's money comes from Golub Equity Continuation Partners, the arm the direct lender launched in October 2025. Matt Shafer has run it since September, as read here on 15 September. So for a sponsor weighing a vehicle for one healthcare company, the bidders now include a $10 billion specialist fund and a direct lender's one-year-old arm.

Healthcare is where single-asset buyers moved their money this year. Healthcare took 17% of the volume of single-asset continuation funds completed in the first half, from 12% in 2025, Lazard's interim report shows. Meanwhile, business services rose from 13% to 17%. Technology, by contrast, fell from 27% to 20%. Both sectors gained, Lazard writes, as "top destinations for capital rotating away from software". One of those sectors is Montagu's, and three facts on its vehicle are still to come: the company's name, the close and the roll share.

Source: Lazard, Interim 2026 Secondary Market Report, p.12.

Constellation kept its academy to buy more schools

Constellation Capital has sold its German adult-education platform to a continuation fund it advises, the firm said on 9 October. Constellation Capital is a Swiss buyout firm in Pfäffikon that buys asset-light businesses in Germany, Austria and Switzerland. Its new fund, Constellation Academy Continuation, raised about €100 million with Committed Advisors as sole lead investor. The company, Constellation Academy, is based in Berlin and runs more than 200 locations for coaching and occupational training, mostly for clients whose courses the government pays for. Constellation first backed it in 2020, SecondaryLink reported on Tuesday. Since that first investment, the release says, revenue and EBITDA have grown more than tenfold.

The fund bought the company from Constellation V and its co-investment vehicle. Its purpose is stated in the release: "an extended holding period and additional capital" to open new locations and to keep buying competitors, with several add-ons already planned for 2026. So the vehicle was most probably raised to pay for acquisitions the old fund could no longer fund. On those acquisitions, co-chief executives Alexander Weber and Jens Läsker said: "The additional capital allows us to accelerate the rollout of new locations and to keep consolidating a fragmented market". In addition, Asante Capital raised the money and Lincoln International gave the fairness opinion, while Osborne Clarke, LAB Partners and Hogan Lovells were the lawyers.

Committed Advisors is the Paris secondaries buyer that bought Peugeot Invest's 35 fund interests in 2025, as read here on 24 September. Its new vehicle is a tenth the size of Montagu's, and a single buyer took all of it.

Adams Street put venture secondaries into an evergreen

Adams Street has launched an evergreen fund for wealth investors that buys venture secondaries, with $363.5 million of net assets from anchor investors, Alternatives Watch reported on Tuesday. Adams Street is a Chicago manager of $76 billion that has invested in venture funds since 1972. In August it closed its eighth secondaries fund at $2.7 billion. The new fund is called Adams Street Venture & Growth Fund. It will invest "primarily through venture capital secondaries and growth co-investments", the article says, in companies anywhere in the world. It opens to qualified clients on 1 December through the main custodian platforms.

Under the terms of a tender offer fund, its investors subscribe monthly and pay their money up front rather than wait for capital calls. It also intends to offer to buy back shares every quarter, subject to the limits of each offer. On those terms, Mike Lucarelli, the firm's wealth partner, said the fund "brings that experience to qualified clients through an evergreen structure that streamlines access to venture and growth opportunities".

Adams Street's is the third vehicle for venture secondaries aimed at private investors in a week. First, Goldman Sachs filed on 8 October to register G-X Venture Capital & Growth, as read here on 11 October. That fund buys venture fund interests, direct secondaries and continuation vehicles. The same day VanEck and Brookmont filed two funds for pre-IPO shares. Before them, Ives Ultra AI Opportunities priced a $200 million listing on 30 September to buy late-stage private AI shares. All of them arrive as more secondary investors go evergreen. About 40% of secondary investors now run such a vehicle, from 34% at the end of 2025, Lazard's interim report counts. So a venture investor with a 2020 or 2021 fund to sell has four new buyers before the year ends, and the first of them opens on 1 December.

Source: Lazard, Interim 2026 Secondary Market Report, p.15.

On the radar

• Thursday 15 October, 2pm, London. SDCL Efficiency Income Trust's general meeting votes on seating two directors. They are Boaz Weinstein of Saba Capital, its largest holder at about 27.8%, and Richard Pavry of General Atlantic, its second at about 16%. The board recommends a yes to both, and the two would sit on the board that reviews a sale of the portfolio.
• Wednesday 21 October, 1pm, then Friday 23 October, 1pm. Proxies are due on Wednesday for Baillie Gifford US Growth Trust's annual meeting on Friday, where Saba Capital asks for three board seats. Glass Lewis, ISS and PIRC all recommend a vote against, and the trust holds SpaceX and other private stakes.
• Tuesday 17 and Wednesday 18 November, New York. SuperReturn Secondaries North America meets at Convene on Madison Avenue, with Coller, HarbourVest, Adams Street, Kline Hill and New York State Common on stage. The Secondary Brief has negotiated 15% off for its readers: book with the discount link, or use the VIP code FKR3675SECBRIEF.
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