Painswick Capital is doubling down on single-asset continuation vehicles as its core business strategy, a move that sets it apart from typical secondaries market entrants. Founder John Garcia and partner James Powers have built the firm around this thesis, viewing CVs as a natural extension of private equity rather than a separate asset class. Most new secondaries firms have been hiring experienced professionals from the sub-asset class, but Painswick is taking a contrarian approach.

Garcia brings over 25 years of private equity experience to the table, positioning him to see CVs as part of the broader PE ecosystem rather than a specialized niche. This background informs Painswick's strategy of treating continuation vehicles as extensions of traditional PE deals, leveraging deep industry relationships and deal expertise. The approach suggests the firm is targeting sponsors and investors looking for specialized expertise in single-asset structures.

By focusing exclusively on single-asset CVs, Painswick Capital is making a deliberate bet that this market segment will grow as private equity firms seek to extend the life of successful portfolio companies. The firm's concentrated strategy contrasts with diversified secondaries players who spread risk across multiple deals. This positioning could appeal to limited partners seeking deeper expertise in continuation vehicles specifically.

Painswick's specialized focus represents a growing trend of firms carving out niches within the expanding secondaries market, where single-asset structures are becoming increasingly common for extending winner deals.