Extend ownership without removing the liquidity choice
Continuation vehicles allow GPs to retain high-conviction assets beyond the life of the existing fund while giving current LPs the choice to monetize or continue their exposure.
Tangible advises on single-asset and multi-asset structures and manages the transaction from initial underwriting through buyer selection, LP elections and closing.
CVs have become an important source of liquidity
With traditional exit routes such as M&A and IPOs continuing to be stagnant, except for the top unicorns, CVs have become the third widely accepted path for GPs to access liquidity.
As GPs and LPs have become more sophisticated and comfortable with CVs, each group has begun to utilize these transactions for their own benefit. GPs are increasingly using CVs as a way to meet new potential LPs, especially with crown jewel assets, while LPs have employed CVs as a way to access strong assets and meet new potential GPs.
Unsurprisingly, CVs have become increasingly popular accounting for around 89% of the $115bn GP-led transaction volume in 2025, and 43% of the total secondary market volume, according to the Chartered Alternative Investment Analyst (CAIA) Association.
Source: Chartered Alternative Investment Analyst (CAIA) Association.
Trade off between upside and speed
A CV may seem more complicated, but in reality, can be more straightforward than GPs might think.
CVs are one of the liquidity routes open to GPs, depending on whether they want to retain upside and continuity or would prefer simplicity and speed, and can be used in conjunction with other options such as sales or NAV loans.
Portfolio assets are moved into a new GP-managed vehicle funded by incoming secondary investors. LPs are then either cashed out or elect to roll into the new vehicle. The GP keeps managing the assets and retains remaining upside.
Pros
- Full or partial LP liquidity and DPI, with a rollover option
- Retains exposure to assets and their future uplift
- GP stays as manager; preserves management and sponsor relationships
- Flexible structure; can include selected assets or the full portfolio
Cons
- Entry priced to a buyer return; may sit below current marks
- Heavier process: independent valuation, fairness opinion, LPAC consent
- Longer path to close (~5–7 months)
What makes a strong CV candidate?
Four markers
Clear value-creation plan
Defined levers for growth, margin or exit readiness.
Proven performance
Demonstrated track record with upside remaining.
GP conviction and alignment
Meaningful reinvestment and appropriate governance.
Supportive LP base
Transparent process and constructive LPAC engagement.
Working with Tangible to simplify the process
Plug and play options for CVs
Tangible combines technology and deep private markets advisory expertise to help GPs achieve the best outcomes, including creating plug and play options for CVs to help minimise costs and execution risk.
Tangible works with the GP to decide on the best strategy for a single-asset or multi-asset CV, while our LP dashboard clearly lays out the options for LPs to help inform decision-making and improve outcomes. GPs can use Tangible’s existing structuring vehicle for a CV, with off the shelf entity creation and administration.
Process overview
Continuation funds enable GPs to extend ownership of high-performing assets while providing liquidity options to existing LPs
Tangible’s role