Continuation Vehicle Primer

July 2026

Institutional investors managing private equity allocations are encountering continuation vehicles (“CV”) with increasing frequency.

A structure that was largely uncommon a decade ago has grown into one of the primary mechanisms through which general partners manage maturing assets, provide liquidity to existing limited partners, and attract new capital. For many investors, the decision of whether to roll into a continuation vehicle has become a recurring element of portfolio management rather than an occasional exception.