Continuation vehicles closed at a rapid pace in Q1 2026, with 27 deals recorded by Secondaries Investor's latest CV deal log. That marks a sharp jump from 11 deals in the same quarter a year ago, signaling that the secondaries market's growth runs deeper than headline volumes suggest.

For years, CV activity has inflated headline secondaries deal figures. Digging into the data, the real story is the broadening of transaction types, segments, and asset classes. More deals now span areas like direct lending and private credit, not just traditional PE buyouts.

The surge in CV closings reflects growing LP demand for portfolio flexibility. Asset managers are using these structures to recycle capital faster and stretch returns across cycles.