Linklaters’ team led by corporate partner Robert Elliot advised GL Capital, a leading Chinese private equity firm specialising in healthcare, on matters related to Silver Pegasus Holding Limited during the formation of its c.US$240m continuation vehicle to support the next stage of growth for one of its healthcare platforms in China, SciClone Pharmaceuticals.

This transaction marks one of the largest general partner-led secondaries deals completed in China in 2025, providing a full exit for GL Capital Opportunities Fund II (2015 vintage). 

The continuation vehicle, anchored by a wholly-owned subsidiary of the Abu Dhabi Investment Authority, will enable GL Capital to further scale the business through continued depth of sales channels, high-quality research & development and product expansion.

Corporate partner Robert Elliot commented: 

“We are delighted to have worked with GL Capital on this significant continuation fund transaction to facilitate the next phase of growth for SciClone Pharmaceuticals under GL Capital ownership.”

Founded in 2010, GL Capital is a leading healthcare-focused investment firm in China, with over US$3.4bn in assets under management. The firm invests across pharmaceuticals, medical devices, healthcare services and digital health, combining deep sector knowledge with active ownership to build market-leading healthcare companies.