CVs Enter the Governance and Pacing Phase

Continuation vehicles are moving from ad hoc liquidity fixes to repeatable portfolio tools, making pricing, disclosure, and LP election design central to GP-led exits.

• •CVs are now used to pace exits, retain assets, and manage liquidity across PE and credit.
• •ILPA’s draft guidance raises the bar on rationale, pricing validation, and disclosure timing.
• •LP choice is expanding, with more emphasis on roll, cash-out, and remain-in-place elections.
• •Deal teams need tighter coordination across investment, valuation, legal, and IR.
• •The edge is shifting from structuring the vehicle to defending the process and economics.