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By Virginie LEROY and Lissie GOLDBACH, Co-Founders Managing Partners, Leroy Goldbach
When the ordinary exit routes narrow, private equity does not stop selling — it changes counterparty. In 2025 the global secondary market reached USD 240 billion, up 48% year on year, according to Jefferies. General partner (GP)-led transactions accounted for USD 115 billion, up 53%, and for the first time single-asset continuation vehicles exceeded half of all continuation vehicle volume.
A continuation fund allows a sponsor to transfer one or more assets from a fund approaching the end of its term into a new vehicle managed by the same sponsor. Existing investors choose between liquidity — a cash exit at the transaction price, funded by...
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