About this episode
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:
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.
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