The standard for GP-led continuation vehicles has tightened significantly, with 100 percent carry rollover now considered baseline for trophy asset deals, according to executives at the NEXUS 2026 conference. As more private equity firms seek to extend their hold on high-performing companies, specialized buyers are scrutinizing transactions more carefully than ever.

Not every company marketed as a trophy asset actually qualifies, creating substantial work for secondaries buyers to evaluate quality and valuation. Rob Campbell of ICG Strategic Equity noted that managers sometimes propose putting companies owned for just 18 months into continuation vehicles, which raises questions about true alignment. The broader market has seen a wider quality spectrum of assets entering the GP-led space amid challenging exit conditions.

Christophe Browne of Lexington Partners said the minimum table stakes has evolved to GPs rolling all carry into new funds, aligning with the premise of doubling down on performing companies. This represents a significant shift from earlier deals where GPs took substantial cash off the table. As the market becomes more asset-focused, these transactions increasingly resemble traditional buyout deals, with heightened scrutiny on both GP and management alignment.