Continuation Funds: The Rise of Private Equity’s Second Act

 Are continuation vehicles a structural shift in private equity — or simply a cyclical response to today’s market?Continuation vehicles, also known as GP-led secondaries, are a rapidly growing — yet still relatively emerging — segment of private markets.According to the latest continuation study by Schroders, transaction volumes are approaching $50B in 2024, representing a 27% compound annual growth rate since 2015.With this growth, we wanted to better understand what is truly driving the market.We had the opportunity to speak with Andriy Panasenko, Founder of Renaissance Advisory, who brings more than two decades of experience across private equity and consulting.In our discussion, we explored: • The current state of the continuation vehicle market • Whether the growth is structural or cyclical • What types of companies are best suited for continuation vehicles • The benefits for LPs — and the key considerations to keep in mind