Continuing GP-led transactions are increasingly seen as a practical way for sponsors to exit investments without relying on traditional buyers, according to Pantheon's global head of PE secondaries. He notes that much of today's GP-led deal volume sits in the mid-market, where managers have flexibility to reposition assets and extend timelines. This trend reflects a broader shift in private equity, where sponsors are taking control of the exit process to provide liquidity to existing investors while keeping promising assets in play.

For LPs, CVs offer a path to monetize stakes in mature funds without waiting for a full sale. For GPs, they maintain ownership of star companies and avoid ceding control to outside buyers. As the secondaries market matures, more firms are building dedicated teams to execute these complex transactions.

Expect continued growth in CV activity, particularly among mid-market managers seeking creative solutions in a slower M&A environment.