It is never easy to let a good investment go. Investment managers are finding ways to hold on to the future upside of promising assets while still providing an exit option for their limited partner (LP) investors.
Continuation vehicles (CVs) are gaining traction in the infrastructure space as a secondary option that can help general partners (GPs) manage liquidity needs, navigate market volatility and capture future value creation. “We have seen growth in the continuation vehicle space, and we expect that to continue,” says Ryan Smith, a managing director on the Secondary Investment team at Hamilton Lane, a global private markets firm based in the United States.
According to a January 2026 report from Evercore, the global secondary market reached a significant milestone in 2025, with annual transaction volume exceeding $200 billion for the first time. Notably, GP-led volume reached $106 billion in 2025. Growth was driven by strong single-asset activity and continue
