Adia invests in GL Capital’s continuation vehicle for SciClone: A subsidiary of the Abu Dhabi Investment Authority (Adia) anchored a single-asset continuation vehicle set up by US-based healthcare-focused private equity firm GL Capital for its portfolio company, SciClone Pharma, according to a press release (pdf). The funding will allow GL Capital to retain control of SciClone while deploying fresh funds to scale up its commercial operations, advance pipeline execution, and pursue selective business development prospects.

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SOUND SMART- Continuation vehicles are funds structured in a way that allows an investment manager to move an existing asset from one fund into a new vehicle it controls. Investors can either cashout or roll their stakes into the new fund, giving the manager more time — and often fresh capital — to grow the asset.

About SCiClone: GL Capital first invested in SciClone in 2012. Since then, it has grown into a leading China-focused pharma company with a strong presence in oncology and immunology.

REMEMBER- Adia has been ramping up its private equity investments in 2025, committing up USD 1.5 bn to Singapore-based GLP, USD 200 mn to India’s Micro Life Sciences, and taking a controlling interest in Alvest alongside PAI Partners. The sovereign wealth fund increased its allocation to the asset class — which accounted for 12-17% of its portfolio in 2024 — to take advantage of cheaper LP portfolios, with take-privates and carve-outs making up a growing share of transactions.

IN OTHER INVESTMENT NEWS-

MGX co-leads Databricks’ USD 1 bn Series K: Abu Dhabi AI investor MGX co-led a USD 1 bn Series K funding round for San Francisco-based software company Databricks, valuing the company at more than USD 100 bn, according to company statements here and here. Databricks recently surpassed a USD 4 bn revenue run rate, including USD 1 bn from AI products, and counts over 650 clients.

And more for OpenAI: MGX confirmed joining OpenAI’s latest round — valuing the ChatGPT maker at USD 300 bn — after holding talks earlier in February and backing its USD 6.6 bn raise last year. This month, it partnered with Silver Lake to acquire 51% of Intel’s programmable chip unit Altera, in a transaction valuing it at USD 8.7 bn, and agreed to take a stake in social media app TikTok alongside Oracle and Silver Lake to keep it running in the US.

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