Evercore and the HEC School of Management in Paris released the fifth Continuation Vehicle (CV) performance study. The report tracks 396 CVs formed between 2018 and 2024, a jump from the 140 funds in the inaugural analysis. Investors now have a broader data set to gauge the sector’s growth.

The findings confirm that CVs continue to outperform traditional buyout funds as they mature. Earlier reports from Q4 2025 already highlighted this trend, and the new data reinforce the pattern. Market participants note that the superior returns stem from longer holding periods and targeted exit timing.

For asset managers, the expanded sample size signals a maturing secondary market where CV structures attract capital. The study’s methodology, sourced jointly by Evercore and HEC, offers a benchmark for evaluating future deals. Analysts project that this trend could shift capital allocation away from conventional private‑equity funds.

The report underlines that continuation vehicles may deliver consistent upside for investors willing to lock in longer terms. Institutional buyers can now benchmark performance against a larger cohort, reducing uncertainty. As CVs gain traction, fund managers may adjust launch strategies to capture the growing demand for these structured vehicles.