Continuation Vehicles: key trends and considerations for sponsors
Our Secondaries team recently partnered with Weil, Gotshal & Manges LLP for the latest in their Sponsor series, with a focus on Continuation Vehicles (“CVs”). CVs continue to gain traction as GPs seek to retain exposure to high performing assets while providing optional liquidity to LPs.
Sponsors should be mindful when evaluating them:
Be clear on the problem(s) you’re solving for: ensure the rationale for a CV is compelling and transparent—LPs must see the value and strategic intent.
LPs still prioritise liquidity in CV roll / sell decisions: 85–90% of LPs are opting for cash over rolling into CVs.
GP-led volume grew by 41% in 2024 and remains robust to date in 2025: single-asset CVs dominate - 56% of GP-led transactions in 2024 were single-asset deals.
Pricing Remains Strong for Quality: 52% of single-asset CVs priced at or above par, with an average discount of just 3.6%.
Strategic fundraising benefits for sponsors: CVs are not just liquidity tools—they’re also strategic fundraising platforms, attracting new LPs and enabling follow-on capital for growth.
Robust secondary industry fundraising will support continued growth of the CV market: $81B raised in secondary capital in 2024 ensures continued support for quality CVs.
As the market matures, sponsors who approach CVs with clarity, alignment, and strategic foresight will be best positioned to unlock long-term value.