The cost of continuation

by Matthias Plötz 6 April 2023

As conditions for exiting assets become increasingly more challenging, many managers are turning to continuation vehicles as an important life line. However, with GP leds on the rise, secondaries investors are becoming more selective about the continuation vehicles they back, while also pushing for lower management fees, more carry and greater GP commits.

For an analysis of key terms in GP-led CVs, Paul Hastings pulled data from terms and conditions of CVs the firm advised on between Q1 2022 and Q1 2023.

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