The Operational Challenge Behind European Continuation Vehicles

Continuation vehicles have moved from a niche liquidity tool to a core feature of the European private equity landscape, which we explore in our latest report . A continuation vehicle is a secondary transaction structure that allows a GP to transfer one or more portfolio companies into a new fund while providing existing investors with either liquidity or the option to reinvest. With an estimated €19.8 billion raised through European continuation vehicles in 2025 , GPs are increasingly using these structures to retain high-quality assets and provide liquidity to existing investors.