Continuation vehicles have become a mainstream exit option alongside M&A and IPOs, according to Moelis & Co managing director Jeff Hammer. Speaking at NEXUS 2026, Hammer noted that GPs are increasingly considering CVs for their portfolio companies, marking a structural shift in private equity exit strategies. This evolution reflects growing sophistication in the secondaries market.

Hammer emphasized that the secondaries market is expanding beyond traditional LP-led transactions, with GP-led deals gaining momentum. Moelis & Co's private capital advisory unit has grown from less than 20 to nearly 45 professionals following the hire of global head Matt Wesley. The bank plans to continue expanding its headcount in New York and London as demand for CV expertise rises.

Despite some concerns that a resurgent M&A market could dampen CV activity, Hammer views these options as complementary rather than competitive. He explained that secondaries investors now possess deep sector expertise, enabling them to underwrite deals as effectively as direct investors. This sophistication means buyers are willing to pay full and fair prices for exposure to high-quality assets, driving continued growth in the continuation vehicle market.