Pricing on continuation vehicles (CVs) is strengthening as buyer competition intensifies across the secondaries market, according to commentary from Lazard's Kevan Comstock. A widening pool of buyers pursuing continuation assets is helping support stronger pricing outcomes for sellers looking to roll or exit positions through CV structures.

A notable dynamic behind this trend is the behavior of new market entrants. Rather than waiting for formal auction processes to run their course, these newer players are increasingly seeking to pre-empt auctions altogether. According to Comstock, this approach allows them to "differentiate themselves" in an increasingly crowded field of secondaries buyers.

The willingness of new entrants to move ahead of structured sale processes reflects the competitive pressure now shaping the CV market. With more capital chasing continuation deals, sellers stand to benefit from improved pricing, while buyers must find ways to stand out — whether through speed, certainty of execution, or early engagement with general partners weighing a continuation transaction.

The observations were reported by Secondaries Investor, which tracks deal-making, fundraising and trends across the global secondaries market. As buyer competition continues to build, participants will be watching whether pre-emptive approaches become a more established feature of CV transactions.