continuation vehicles

The secondaries market is solving private capital’s liquidity problem while creating a new set of questions about price and process.

New participants and rising scrutiny are reshaping a market once concentrated among the largest private-equity firms and institutional investors.

The firms controlling liquidity—not necessarily the firms making buyouts—may be the biggest winners in private markets' next phase.

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.

Sponsors who spent years building AI infrastructure exposure are now using continuation vehicles to avoid selling what they believe is still appreciating.