Blackstone

As continuation vehicles grow in scale and complexity, sponsors face mounting pressure to prove that deals are fair to both selling and rolling investors.

For one private equity firm, the next source of returns isn't leverage — it's a robotic arm on a factory floor.

As GP-led secondaries scale to record levels, top investors are flagging a widening gap between trophy assets and weaker deals, even as new financing tools like CFOs further blur the line between sale and securitization.