Our Key Findings:
Sponsors Turn to the Secondary Market to Extend Duration and Raise Capital for Their “Trophy” Assets
Middle Market Sponsors Increasingly Leverage Continuation Funds to Manage NAV Exposures and Expand AUM
Increase in Repeat Continuation Fund Issuers Following the Success of Sponsors’ Prior Vehicles
Firms with Direct Investing Backgrounds Constitute a Significant Portion of the New Entrants with Single Asset CV Focus
Investors Continue to Specialize, Dedicating Strategies and Capital Towards Sectors or Asset Classes in Areas of Institutional Expertise
Investors Utilize Retail Capital, Such as ’40 Act or Evergreen Vehicles, to Increase Their Average Check Sizes into GP-Led Deals
