E325: Inside the $100B Continuation Vehicle Boom

Mar 16, 2026

Michael Woolhouse, Head of Continuation Vehicles at TPG Capital, leads single-asset continuation vehicle deals after a career at CPP Investments. He explains treating CVs like buyouts, why incumbency and large GP rolls lower risk, how CV economics and incentives are structured, and the rapid growth and disciplined culture shaping this $100B market.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

LPs Mostly Accept Continuation Offers

Typical LP sell vs roll rates vary widely, but market averages sit around 15–20% sell volume.
Woolhouse observes some deals see 100% sell while others only 50%, driven by cyclical demand for DPI and deal specifics.

INSIGHT

Expected Returns And Market Evidence

Buyers target roughly 2x net and ~20% net IRR on continuation deals while sponsors often expect larger upside.
Woolhouse ties buyer conservatism to underwriting but notes market reports show CVs can match or exceed buyout returns with lower loss ratios.

INSIGHT

Why Continuations Can Be Lower Risk

CVs can offer higher returns with lower risk due to positive selection, prior sponsor knowledge, and outsized GP alignment.
Woolhouse points to sponsors' track record, their operational knowledge, and 8–10% GP commits as key risk reducers.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

What if the most compelling private equity opportunities aren’t brand-new deals, but the ones other investors have already “vetted” and are leaving on the table? In this episode, I sit down with Michael Woolhouse, Head of Continuation Vehicles at TPG Capital, to explore how he approaches the rapidly growing single asset continuation vehicle (CV) market—a space where sponsors can roll their most successful companies into new structures, creating liquidity while maintaining upside potential.

Highlights:

Why approaching continuation vehicles like a private equity buyout is critical
How positive selection bias and prior ownership reduce risk in CV deals
Why general partners often roll 100% of proceeds back into continuation vehicles
The outsized GP commitments that align incentives and maximize upside
How CV economics, including tiered carry and lower management fees, structure risk and reward
The discipline of staying in the “fairway” and avoiding the siren call of fringe deals
Why being a partner in CVs requires both trust and transparency with existing LPs
How single asset CVs offer higher returns with lower realized losses compared to traditional buyouts
The growth trajectory of the CV market from $30B in 2024 to record volumes in 2025
Lessons on building an entrepreneurial, apprenticeship-driven culture within a large firm
The importance of acting quickly, learning from mistakes, and giving junior investors real exposure

Guest Bio:

Michael Woolhouse is Head of Continuation Vehicles at TPG Capital, where he leads investments in single-asset continuation vehicles focused on long-term upside. Previously, he held leadership roles at Canada Pension Plan Investment Board, developing secondary market and portfolio construction strategies while emphasizing disciplined underwriting and strong investor alignment.

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 market intelligence platform trusted by 85% of the S&P 100 that helps you make confident, data-driven decisions faster than your competitors. With powerful search capabilities designed for hedge funds, mutual funds, and private equity investors, AlphaSense gives you the edge to elevate your research. Visit: alpha-sense.com/howiinvest.

Stay Connected with David Weisburd:

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

Stay Connected with Michael Woolhouse:

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

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) Why Great Companies End Up in Continuation Vehicles (1:04) Avoiding Adverse Selection in CV Deals (2:15) Why CV Investors Underwrite Like Buyout Firms (4:36) The Unique Skills Needed in the Secondaries Market (8:05) The Incentive Conflicts Between GPs and LPs (11:07) Why Most LPs Sell Instead of Rolling Their Stakes (13:46) What Returns Investors Expect From CV Deals (17:12) Why Continuation Vehicles Can Be Lower Risk (21:44) Why GPs Actually Want to Do CV Deals (30:33) The Investment Discipline That Prevents Costly Mistakes