E311: How Continuation Vehicles Quietly Reshaped Private Equity

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Feb 24, 2026

Benjamin Carper, a Jefferies secondaries lead focused on continuation vehicles and liquidity solutions, explains why CVs exploded into a $100B-plus market. He discusses how CVs solve fund-life mismatches, create liquidity, let GPs keep and compound winners, pricing approaches like auctions versus sponsor-led recaps, and why LPs have mixed reactions to these deals.

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INSIGHT

Continuation Vehicles Fix Arbitrary Fund Timelines

Continuation vehicles solve a structural mismatch between fund life cycles and company timelines.
They let GPs keep and compound winners instead of selling at the end of an arbitrary five to ten year fund life.

INSIGHT

Wide Range Of CV Sizes And Targets

CV deal sizes and target companies vary widely from about $100 million to $5 billion per vehicle.
Typical portfolio companies range from ~$50 million to ~$500 million of EBITDA, with many mid-market targets plus pre-IPO VC names.

INSIGHT

CVs Become A Major Source Of Liquidity

CVs are a steady source of cash liquidity and compound winners rather than recycling them between sponsors.
Roughly 15–20% of private equity distributions in 2025 came from continuation transactions.

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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.

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Sponsor:

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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