CapVest, a London private‑equity firm, has kept drugmaker Curium in a series of continuation vehicles since 2016, avoiding a sale during Covid‑19 turbulence and again in March. The move illustrates a rising trend of CV squared deals that recycle assets between vehicles.

The practice signals a shift in a market where public exits have stalled. Analysts predict global CV transactions will top $100 bn this year, up from $91 bn in 2025. Critics argue such structures defer the $3.8 tn backlog of unsold companies and dilute investor returns.

Investors now face a choice: sell at or below net asset value, roll into a new vehicle, or mix cash and ownership. Some, like Fordham University, have sold stakes to meet liquidity needs, while others accept the risk of future valuations.

Private‑equity managers defend the tactic, noting that many portfolio companies could grow for 15 to 20 more years, yet fund life limits prevent full realization. The strategy continues as IPO and acquisition prospects remain weak.