Fund life cycles and the problem CVs solve

Why have continuation vehicles become one of the fastest-growing segments in private markets? David Weisburd speaks with Benjamin Carper about what’s driving record CV volume, how these transactions solve structural mismatches in private equity fund lives, and why both LPs and GPs hold mixed views on the strategy. Ben explains how continuation vehicles create liquidity, extend ownership of high-quality assets, and reshape portfolio management across buyout and venture markets.

Highlights:

• Why continuation vehicles reached over $100B in annual volume
• How arbitrary fund life cycles created the need for CVs
• The shift from selling winners to compounding them
• Typical size ranges and asset profiles for continuation vehicles
• Why LPs both value and struggle with CV decision-making
• Continuation vehicles as a growing source of cash liquidity
• Pricing mechanisms: auctions vs. sponsor-led recapitalizations
• Best practices around LP rollover options and alignment
• What makes a high-quality CV asset attractive to investors
• How CVs function as “deal-level diligence” for LP–GP relationships
• Differences between buyout and venture continuation vehicles

Guest Bio:

Benjamin Carper is a senior member of Jefferies’ secondaries team, where he helps lead a large platform focused on continuation vehicles and private market liquidity solutions. He advises sponsors and institutional investors on structuring, pricing, and executing single-asset continuation transactions across buyout, growth, and venture portfolios. Ben has worked on some of the earliest and largest continuation vehicles in the market and is closely involved in the evolution of CVs from a liquidity solution into a core portfolio management tool.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Benjamin Carper:

LinkedIn: https://www.linkedin.com/in/benjamincarper/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Introduction to continuation vehicles and market focus (2:00) Increase in continuation vehicle volume and traditional hold period (5:40) Continuation vehicles' impact on company management and LP perspectives (9:09) Pricing and alignment in continuation vehicle deals (12:16) Attractiveness and due diligence in continuation vehicle transactions (16:57) Investor profiles and trends in continuation vehicles (19:01) Continuation vehicles' role in venture capital and long-term relationships (23:13) Notable deals and closing thoughts