Are All of 2024’s Bad Assets in Continuation Funds?

Common assumption is that operationally-challenged assets are typically rolled into secondaries vehicles rather than exited. What does the research say?

PE firms are making record use of non-exit liquidity events to return capital to LPs for assets that can’t find a traditional suitor.

Secondaries saw a steep rise in popularity in 2024, with the asset class raising a record-breaking $91 billion, according to Preqin. According to Victoria Chernykh, an assistant vice president of research insights at Preqin, this included a rise in continuation vehicles.