Avista Healthcare Partners has secured new capital for its medical manufacturing portfolio company GCM, closing a single-asset continuation fund backed by Goldman Sachs Alternatives and BlackRock Secondaries & Liquidity Solutions.

The vehicle, Avista Healthcare Partners CV II, provides liquidity to existing LPs while allowing continued participation in GCM’s growth trajectory. The fund includes substantial unfunded capital earmarked for strategic acquisitions and future investments.

Avista originally acquired GCM in 2019 and has since driven a transformation of the business, focusing on manufacturing excellence, technological upgrades, and commercial expansion. Under Avista’s ownership, GCM has more than doubled its revenue, becoming a key supplier to OEMs in robotic surgery and other high-growth medtech segments.

“We are pleased to provide our investors with the choice of liquidity or continued participation in GCM’s strong growth path,” said Rob Girardi, Partner at Avista. “This marks an exciting new chapter for GCM and underscores our commitment to value creation across the healthcare sector.”

Seamus Meagher, CEO of GCM, added: “Avista’s ongoing support and the new capital will enable us to accelerate product innovation and manufacturing scale as we enter our next phase.”

The continuation fund structure also reflects the increasing role of secondaries in private equity portfolio management, particularly as firms look to extend ownership in outperforming assets.

Goldman Sachs Alternatives served as lead investor, while Piper Sandler acted as exclusive financial adviser on the transaction. Legal counsel was provided by Ropes & Gray.

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