About this episode
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.
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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.
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