Existing owners of Pharmaceutical Product Development, Hellman & Friedman and The Carlyle Group, recapitalized PPD and expand the company’s ownership to include two new investors, Abu Dhabi Investment Authority and GIC. GIC and ADIA are longtime investors in Carlyle and Hellman & Friedman and now are direct investors in PPD. Hellman & Friedman and Carlyle maintained majority joint ownership of the company. In connection with the transaction, PPD raised c. $550m through the issuance of new senior unsecured holdco notes. The proceeds from the investments of Hellman & Friedman, Carlyle, ADIA and GIC and the issuance of the new notes was used to finance the recapitalization.