“Once They’ve Tried It, They Come Back”: How Continuation Vehicles Are Fueling a $100 Billion Fever in Private Equity

“Once They’ve Tried It, They Come Back”: How Continuation Vehicles Are Fueling a $100 Billion Fever in Private Equity

NEW YORK – Continuation vehicles, known in the industry as CVs, have moved from niche tool to central pillar of the private equity ecosystem. In 2025, these so-called “self-sales” surged to nearly $100 billion globally, reshaping how fund managers exit—or delay exiting—their most prized assets. The trend, driven by stalled traditional exits and pressure from institutional investors, is now sparking growing controversy. At their core, continuatio…

What is private equity up to?

The FT published an article yesterday in which they reported: Private equity firms sold companies to themselves at a record rate this year, making use of a controversial tactic to hold on to assets as managers struggled to find buyers or list their investments. As they then explained: Roughly a fifth of all PE sales this year involved groups raising money from new investors to acquire businesses from their older funds, up from 12-13 per cent the…