Continuation vehicles have moved from a niche fix for aging funds into a central feature of private market fund’s liquidity toolkit. At their core, they present limited partners with a straightforward decision: roll over into a new vehicle and stay invested in a high-conviction asset, potentially capturing outsized upside over a shorter horizon, or cash out and take the liquidity that’s increasingly scarce in today’s low-distribution environment.
Recent Continuation and Co-Investment Vehicles
This list spans private credit, real assets, and private equity across a range of leading sponsors:
GPE-G Co-Investment Limited Partnership — Advent International’s private equity vehicle giving investors concentrated, single-asset exposure alongside a General Partner in a targeted global transaction.
West Street (San Gorgonio) Private Credit Co-Investment LP — Managed by Goldman Sachs Asset Management (GSAM), this vehicle lets investors participate alongside Goldman’s West Street credit platform in a targeted U.S. West region private credit transaction. San Gorgonio Mountain, or “Old Grayback,” is the highest peak in Southern California.
GIP V Mariana Co-Invest 1, L.P. — A real assets vehicle from Global Infrastructure Partners offering direct exposure to a specific infrastructure deal alongside GIP Fund V, targeting global assets with strong long-term cash flow. Global Infrastructure Partners is owned by BlackRock.
TA FD Co-Investment, LP — Tiverton is the fund manager.
CB Raven Co-Invest II, L.P. — Centerbridge Partners’ co-investment vehicle providing concentrated, single-transaction exposure to a global portfolio company alongside the firm’s conviction.
New Mountain DAT Continuation Fund, L.P. — A closed-end partnership from New Mountain Capital pursuing continuation and secondary private equity investments across the U.S. for institutional investors.
Brookfield Infrastructure Co-Invest (OK), L.P. — Brookfield’s SPV deploying capital alongside its infrastructure strategy.
Fortress Lending Fund V Co-Invest (A) L.P. — Fortress Investment Group’s direct lending vehicle offering access to targeted global corporate lending alongside Fortress Lending Fund V.
ICG North American Credit Partners Fund III – Preferred Equity (Co-Invest) LP — Intermediate Capital Group’s vehicle targeting preferred equity credit opportunities across North America.
Apollo Sports Capital Co-Investors (A), L.P. — Apollo Global Management’s vehicle for co-investing globally in professional sports and entertainment through its sports capital platform.
The CV Takeaway
Continuation vehicles increasingly represent alignment, not desperation. Sponsors use them to hold winners; LPs use them to choose between optionality and liquidity on their own terms. As fund, deal, and performance data continues to deepen, that choice becomes less of a leap of faith and more of an informed decision, exactly the direction the GP-led secondaries market needs to keep maturing.
