To be continued…
While a rarity, managers are considering continuation funds on continuation funds, market sources tell Secondaries Investor. Could this become more commonplace across the longer term?
The secondaries market is starting to get a little meta with the market discussing continuation fund on continuation fund transactions.
While a niche part of the market, the potential for CVs on CVs appears to be size agnostic – with managers operating from the upper end of the market right the way down to the mid-market speaking with secondaries market sources about the potential for such a transaction.
A high-profile example of a potential CV on CV is PAI Partners’ deliberations around one of the world’s largest ice-cream makers Froneri, which was moved into a continuation fund in 2020. Abu Dhabi Investment Authority has been linked to a potential transaction, according to reports and conversations Secondaries Investor has had with market sources. What remains unclear is how a continuation fund will...
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