Continuation vehicles have moved from the edges of private equity to the center of GP-led secondaries. What started as a way to manage legacy assets has become one of the most deliberate tools in a sponsor's exit toolkit: a mechanism to extend ownership of high-conviction portfolio companies, give LPs a structured choice between liquidity and continued exposure, and operate with flexibility in a market where traditional exits are harder to time.
As the secondaries market matures and buyer selectivity increases, continuation vehicles are changing the calculus between GPs, LPs, and secondaries buyers.
At Dakota, we track continuation vehicles with the details investors need to evaluate each opportunity. Dakota Marketplace covers fund sizes, strategies, closing dates, underlying assets, and service providers, giving investors, advisors, and fund sponsors a current view of this segment.
Below, we highlight continuation vehicles added to Dakota Marketplace in April 2026, with a closer look at the sponsors, the underlying assets, and what each deal reflects about how GP-led secondaries are evolving.
1. Onex Partners V Leaf CV LP
Overview: A continuation vehicle managed by Onex Corporation, created to hold select high-performing assets from Onex Partners V while providing liquidity to existing investors.
Focus: Large-cap buyout investments and long-term value creation through operational improvements and strategic growth initiatives.
2. Onex Partners IV Leaf CV LP
Overview: A continuation vehicle managed by Onex Corporation, created to hold select assets from Onex Partners IV while providing liquidity to existing investors.
Focus: Long-term value creation through operational improvements and strategic growth initiatives across diversified sectors.
3. Onex Partners III Leaf CV LP
Overview: A continuation vehicle managed by Onex Corporation, created to hold select mature assets from Onex Partners III while providing liquidity to existing investors.
Focus: Large-cap buyout investments and long-term value creation through operational improvements and strategic growth initiatives.
4. New Mountain WCO Continuation Fund (Parallel Fund), L.P.
Overview: A private equity continuation vehicle designed to acquire and hold existing portfolio assets from prior New Mountain funds, enabling extended ownership while providing liquidity options to existing investors.
Focus: Defensive growth sectors including healthcare, software, and business services in North America.
5. New Mountain WCO Continuation Fund, L.P.
Overview: A private equity continuation vehicle established to acquire and hold existing portfolio investments from prior New Mountain funds, providing liquidity options to legacy investors while maintaining long-term value creation.
Focus: Healthcare, software, and business services sectors in North America.
6. New Mountain WCO Continuation Feeder, L.P.
Overview: A private equity feeder fund designed to channel investor capital into a New Mountain continuation vehicle holding existing portfolio assets, enabling structured access to mature investments.
Focus: Healthcare, software, and business services sectors within North American private equity markets.
7. LSCP BTX CV-C, LP
Overview: A single-asset continuation vehicle managed by L Squared Capital Partners, formed to hold and further grow BTX Precision while providing liquidity to existing investors.
Focus: Operational value creation in U.S.-based precision manufacturing within the industrials sector.
8. LSCP BTX CV-B LP
Overview: A continuation vehicle affiliated with L Squared Capital Partners, created to support ongoing investment in BTX Precision while providing liquidity to prior investors.
Focus: Operational growth, value creation, and long-term ownership in U.S. industrial manufacturing.
9. Crestview Partners III CV-B, L.P.
Overview: A continuation vehicle managed by Crestview Partners, designed to hold and further develop select mature assets from Fund III while providing liquidity to existing investors.
Focus: Active ownership and value creation across middle-market companies in multiple sectors in North America.
About Dakota
Dakota is a financial, software, data and media company based in Philadelphia, PA. Dakota’s flagship product, Dakota Marketplace, is a database of LPs, GPs, Private Companies and Public Companies used by thousands of fundraising, deal, and investment teams worldwide to raise capital, source deals, track peers, and access comprehensive data—all in one global platform.
To explore more information on continuation vehicle funds, book a demo of Dakota Marketplace today.
