GP Led Transactions and Continuation Funds in Private Equity

This report examines the rise of GP-led transactions and continuation funds in the private equity sector, highlighting the significant transformation occurring within the landscape. It defines GP-led secondaries as transactions where General Partners (GPs) sell fund assets to new investment vehicles, providing liquidity to investors or extending the holding period of high-performing assets. The report outlines the current market position, noting that GP-led secondaries reached a record volume of $68 billion in the first half of 2024, representing 14% of global sponsor-backed exit volume. It details key statistics, including a surge in deal volume and fundraising, which hit $84 billion in 2023. The report also discusses the driving forces behind this growth, such as the demand for liquidity, retention of high-quality assets, and the supply-demand imbalance in the market. Additionally, it presents recent trends and notable deals, indicating a robust outlook for GP-led transactions and continuation funds in 2024.