London, 7 July 2026 – G Square Healthcare Private Equity LLP (“G Square”) today announces the successful close of a £500 million single-asset continuation fund for Pharmacy2U, the UK’s largest online pharmacy. The transaction represents one of the most notable GP-led secondary transactions in European health-tech.

The Continuation Fund was led by Coller Capital, alongside a syndicate of blue-chip institutional investors. G Square Capital IV is co-investing in addition to the Continuation Fund, together with a group of re-investing Pharmacy2U shareholders and continued commitments from the management team — reflecting strong alignment across new and existing investors, and shared conviction in the company’s next phase of growth.

About Pharmacy2U

Founded in 1999, Pharmacy2U has built the UK’s leading digital pharmacy platform, serving more than two million patients and dispensing over 3.5 million items per month. The business today offers a broad range of NHS and private health services, alongside consumer and pet health products.

G Square’s Impact

Since G Square’s investment in 2018, Pharmacy2U has grown both revenue and EBITDA more than 10x, driven by:

  • Significant investment in proprietary technology and large-scale dispensing automation
  • Expansion of its clinical and service offering, delivering consistent organic growth, a differentiated patient experience and high clinical accuracy
  • A buy-and-build strategy, with six acquisitions completed and integrated over the past 24 months

Looking Ahead

The Continuation Fund provides capital to support Pharmacy2U’s next chapter, including continued M&A activity, further investment in technology and automation, and expansion of clinical services.

The transaction also delivers liquidity to existing limited partners, while allowing those who wish to do so to maintain participation in the company’s ongoing growth.

Executive Quotes

Oliver Hoenich, Partner, G Square

“Pharmacy2U is a category-defining business, and this transaction represents a landmark moment for the firm. Over our partnership, the team has transformed Pharmacy2U into the undisputed leader in UK digital pharmacy — with a differentiated technology platform, deep operational capability and a compelling patient proposition.

We are delighted to welcome Coller Capital, our syndicate investors and co-investors as partners in the next phase of this journey, and to continue backing an exceptional management team. This transaction is a strong endorsement of the business and of G Square’s healthcare investment strategy.”

Deirdre Burns, Executive Chair, Pharmacy2U

“This is a significant milestone for Pharmacy2U and a powerful vote of confidence in our team, our technology and the opportunity ahead.

With the continued backing of G Square and the support of a high-quality group of new investors, we are exceptionally well positioned to accelerate growth, invest further in innovation and continue delivering outstanding care for the millions of patients who rely on us every day.”

David Jolly, Partner, Coller Capital

“Pharmacy2U is a high-quality business at the forefront of UK digital healthcare. It embodies the characteristics we look for in long-term investments: market leadership, strong fundamentals, and multiple avenues for continued growth.

We are pleased to partner with G Square and the management team, who have built an exceptional business, as Pharmacy2U continues to scale its platform and services.”

Advisers

Lazard acted as exclusive financial adviser to G Square on the transaction. Proskauer and Goodwin acted as legal advisers to G Square. McKinsey, PwC, Crosslake and Newmarket advised on commercial, financial and tax, technology, and regulatory matters respectively.

Media Enquiries

Oliver Hoenich
Partner
Email: contact@gsquarecapital.com
Tel: +44 20 3757 0160

About G Square Healthcare Private Equity

G Square Healthcare Private Equity is a leading pan-European private equity firm focused exclusively on the healthcare sector. Founded by Laurent Ganem in 2008 and headquartered in London, the firm targets mid-market healthcare companies primarily across Europe, with investment strategies spanning medical products, health-tech, healthcare services, and services to the pharmaceutical industry.

About Pharmacy2U

Pharmacy2U is the UK’s largest digital healthcare platform, serving over 2 million patients and dispensing more than 3.5 million items per month. Founded in 1999 and a trusted NHS partner since 2001, the business has transformed the repeat prescription and online doctor markets and built a leading, technology-enabled pharmacy platform.

Its integrated offering spans NHS prescription services, private online doctor consultations, and a broad range of consumer and pet health products, all delivered via its app and website.

Operating across Leeds, Leicestershire and London, Pharmacy2U is a multi-award-winning organisation underpinned by strong patient trust, reflected in over 660,000 Trustpilot reviews. The company is focused on expanding access to high-quality, convenient healthcare whenever and wherever it’s needed.

About Coller Capital

Coller Capital is a global leader in the secondary market for private assets, renowned for being a pioneer and innovator in the asset class.

Founded in 1990, Coller provides investment and liquidity solutions to private market investors worldwide and currently manages $55 billion in private equity, private credit, and other private market vehicles.

With headquarters in London and offices across North America, Europe, and Asia-Pacific, Coller’s multinational team offers global reach. The firm has focused exclusively on secondary investing since inception and today boasts one of the largest dedicated investment teams in the asset class.

Coller’s Private Wealth Secondaries Solutions (PWSS) business offers perpetual funds to eligible private wealth investors globally.