Secondaries divide into two parts. The first and best known simply purchase positions, one at a time, from people who want out early. The second are what’s known as “Continuation Vehicles.” Here’s how CVs work today. Say a PE firm has held Company X in its portfolio for a long time, and it’s done well, but some of the original investors have waited long enough, and want to cash out. The sponsor and most of the investors see a lot more value in holding and improving Company X and want to stay. So the sponsor recruits a new group to replace those who want to go. The concept has clicked big time. CVs are one of the fastest growing segments in financial services. The industry’s grown ten-fold over the past decade to $100 billion, and represents around one-fifth of all PE exits. So far, the model’s mostly been deployed in equity, but it work in credit as well. As in equities, a credit CV that purchases part of the shares in a private credit fund from those desiring to leave establishes a new separate fund, comprising the new buyout investors, that’s still managed by the PE firm that raised and ran the original pool.
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