Private equity firms are still turning to continuation vehicles in a complicated exit market, but their use trails last year's peak.
By the numbers: There were 64 continuation fund-related exits globally through the end of May, compared to 73 for the same stretch of 2025, according to a PitchBook report.
Context: 2025 was a record year for CV exits by both value and volume, with PitchBook counting 159 worth $98.2 billion.
Between the lines: Continuation fund exits this year show a preference for bundling over single-asset vehicles, PitchBook notes.
What they're saying: "[This] might suggest that sponsors are more willing to wait out the uncertainty than to crystallize at the current valuation through a secondary process," PitchBook writes.
The intrigue: Some investors have flagged concerns that CVs are being rubber-stamped despite conflicts of interests among their peers, the FT reported in May.
