Continuing to Rise: CVs Catch Fire as GPs Chase Cash
Whether a single asset or collection of multiple assets, continuation vehicles in the mid-market are hot.
GP-led continuation vehicles are all the rage in private equity, with sponsors keen to retain further upside from trophy assets, while offering liquidity-starved limited partners the choice of reinvesting or cashing out.
Comparable figures for the overall size of the CV market are hard to come by – Preqin recorded 83 funds raising aggregate capital of $39.89 billion in 2024, while Evercore (NYSE: EVR) lists transaction volumes of $62 billion. But both agree that last year, for the first time since 2021, the split between multi and single assets was in the region of 50:50 in dollar terms.
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