Private equity firms are leaning heavily on continuation vehicles (CVs) in 2025 to hold onto high-quality assets longer, according to KPMG’s Pulse of Private Equity Q2’25. With exit markets weak — particularly for IPOs and secondary buyouts — GPs are opting to roll prized portfolio companies into new funds rather than sell at a discount. LPs, however, are pushing back over valuation transparency and the risk of “stranded” assets.

Credit secondaries surge 70%+ annually as continuation vehicles become mainstream solution for GP-led liquidity needs.

Private equity's continuation fund market is experiencing explosive growth, with these vehicles now representing 13% of global PE exits in 2024, up from just 5% in 2021, according to investment bank Jefferies data reported by The Wall Street Journal. However, industry experts warn that as firms increasingly use these tools to extend asset ownership and provide liquidity to cash-starved investors, the real test lies not just in providing liquidity but in maintaining asset qual

AEA Investors' Private Debt group provides first lien credit facility for Training The Street, a Falfurrias Capital Partners portfolio company.

PitchBook's Q1 2025 US PE Breakdown reveals robust dealmaking despite growing economic concerns, with Q1 deal value reaching $259.7 billion, up 24.6% QoQ and 36.1% YoY. Deal count remained steady at 2,263, though exits are struggling to keep pace with the massive backlog of 3,800 PE-backed companies awaiting liquidity.

Crestview Partners closes $600M continuation fund for two Fund III investments, with Apollo S3 leading the transaction.

Secondary market transformation accelerates as volume hits record $162B, driven by institutional evolution and retail capital influx.

Trinity Capital commits $25M to Wisetack, boosting growth in home services financing and expanding flexible payment options.

Infrastructure secondaries emerge as critical liquidity solution amid private market disruption, creating opportunities for strategic buyers