March liquidity events related to portfolio companies in which PIF invests through its private equity holdings.
Realized distributions turn paper gains into cash that can be redeployed into new investments to drive future returns. Pomona Investment Fund (PIF) is built around this dynamic.
By purchasing fund interests later in their life cycles, PIF focuses on investments with greater visibility into near-term return of capital. As distributions are received, that capital is recycled into new opportunities.
Below, we highlight select recent exit transactions from PIF, illustrating why liquidity matters in private equity investing. (Learn more about the importance of liquidity,)
Distributions as a percent of total return1
PIF: 54%
Peer average: 31%
StepStone Real Estate, the real estate arm of StepStone Group, and GREYKITE, an independent European real estate investment firm, announced the planned recapitalization of Vitalia, Spain’s second-largest care home owner/operator, through an agreement to acquire a majority interest in Vitalia from Vivaly Investments BV, a portfolio investment of CVC Fund VI and Portobello Capital Fund III, along with the commitment of over €500 million in growth capital. Both Vivaly Investments BV and Vitalia’s founder and senior management team will retain minority stakes. GREYKITE will act as the general partner on behalf of the shareholders, leading day-to-day management of the investment.
Vitalia is the benchmark for residential quality in Spain with its ‘homes for living’ model, pioneering a resident-centered care model that focuses on at-home and onsite rehabilitation, dedicated tech-enabled 24-hour medical support, and restraint-free care. Vitalia’s management team has been with the business since its inception and brings over 50 years of combined experience.
The company currently operates 75 care home facilities, and with a substantial secured pipeline of new developments, will own and operate approximately 15,000 beds across Spain. With a 2.5% market share in a fragmented and undersupplied sector, and demand driven by Spain’s rapidly aging population, the company is well-positioned to address a projected 40% shortfall in new care home delivery by 2030 by delivering approximately 50% of new beds over that period.
Thermo Fisher Scientific completes acquisition of Clario Holdings, Inc.
Thermo Fisher Scientific Inc., a global life sciences tools and services company, announced the completion of its acquisition of Clario Holdings, Inc., a provider of endpoint data solutions for clinical trials, for $8.875 billion in cash, plus potential additional earnout and other payments, largely dependent on performance. With the transaction complete, the Clario business will become part of Thermo Fisher’s Laboratory Products and Biopharma Services segment.
Clario’s solutions are highly complementary to Thermo Fisher’s clinical research offerings, enabling customers to gain critical insights from patient data to improve decision making, accelerate innovation, and drive greater productivity. Clario integrates clinical trial endpoint data from devices, sites, and patients, enabling customers to collect, manage, and analyze clinical evidence digitally across every phase of drug development, supporting faster, more confident trial decisions. The company’s platform has supported approximately 70% of FDA and EMA novel drug approvals over the past decade.
Clario was acquired from a shareholder group led by Astorg and Nordic Capital, Novo Holdings, and Cinven.
In addition to the initial cash purchase price at closing, Thermo Fisher has agreed to pay $125 million in January 2027. Thermo Fisher has also agreed to pay up to $400 million of earn-out payments, based on the performance of the business in 2026 and 2027. Should the earn-out milestones be achieved, the return profile will be even stronger for this acquisition.
Onex Partners completes $1.6 Billion multi-asset continuation vehicle transaction
Onex Partners announced the successful closing of a $1.6 billion multi-asset continuation vehicle, which includes investments in Fidelity Building Services Group, PowerSchool, and Sedgwick. The transaction transferred interests in the three companies from Onex Partners V, IV, and III, respectively, into a newly formed vehicle led by a group of global institutional investors, including Neuberger, GIC, Apollo S3, and StepStone.
The transaction provided existing limited partners with the options to receive liquidity, roll their interests into the new vehicle, or maintain their existing exposure, offering a flexible outcome tailored to investor preferences. The limited partner advisory committees of each of the three participating funds unanimously approved the transaction.
Onex Partners will continue to manage each investment in its capacity as general partner on behalf of existing and new partners. The vehicle includes investments in three companies: Fidelity, a provider of HVAC, building automation, emergency power, and energy solutions for commercial, industrial, mission critical, and institutional markets; PowerSchool, a provider of mission critical, system-of-record software to the K-12 education market globally; and Sedgwick, a global provider of technology-enabled risk, benefits, and claims administration solutions.
Abry exits IQUW as Starr completes acquisition
Private equity firm Abry Partners has completed the sale of specialIty reinsurer IQUW to global insurance and investment group Starr, marking the end of a multiyear investment that saw the company establish and scale a platform based in Bermuda.
IQUW grew into a diversified global platform spanning Lloyd’s and Bermuda during Abry’s ownership. Financial terms were not disclosed.
IQUW established its Bermuda reinsurance operation in 2021 when it backed a $350 million capital raise for ERS, the predecessor platform to IQUW, alongside Aquiline.
Since then, it has positioned the unit as a key growth engine for the wider group, writing property catastrophe and expanding into lines such as mortgage, credit, and cyber reinsurance. The company has reported strong growth in recent years, writing approximately $1.6 billion in gross written premium in 2024. The acquisition will expand Starr’s underwriting footprint by combining its global speciality insurance operations with IQUW’s diversified platform.
Advent to sell Prisma and Newpay to Visa
Advent International, a global private equity investor, announced that it has entered into a definitive agreement to sell Prisma and Newpay, subsidiaries of Group Prisma, an Argentine payments company, to Visa.
Prisma is an issuer processing platform in Argentina, processing more than six billion transactions annually as a trusted partner to the country’s biggest banks. Newpay provides payments and cash access infrastructure in Argentina, enabling real-time accountto-account payments—including instant transfers and Transferencias 3.0—and interoperable QR payments across the ecosystem. Newpay also provides electronic bill payments and is an ATM operator in the country.
The transaction highlights the strategic value of Prisma and Newpay as important payments infrastructure in Argentina, supporting everyday payment flows and connecting financial institutions, merchants, and consumers across the country. The acquisition marks an accelerated evolution for Prisma and Newpay, pairing a global payments network with a scaled local platform to drive innovation, operational resilience, and expanded capabilities for clients.
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