As traditional exit timelines continue to stretch and capital remains selective, continuation vehicles have become one of the most effective tools for sponsors seeking flexibility in portfolio management. What began as a liquidity solution for aging assets has evolved into a sophisticated, GP-led strategy that allows firms to retain control of high-conviction investments while offering optionality to existing LPs.
At Dakota, we’re tracking how continuation vehicles are being used across strategies, geographies, and asset classes as they become a permanent feature of the private equity secondaries landscape. Dakota Marketplace provides comprehensive, up-to-date information on fund sizes, strategies, closing dates, underlying assets, and service providers, giving investors, advisors, and fund sponsors a powerful resource to evaluate this rapidly growing segment.
Below, we highlight the continuation vehicles added to Dakota Marketplace in December 2025, showcasing how sponsors are using continuation structures to navigate today’s exit environment and extend value creation across both equity and credit portfolios.
To see how sponsors and investors are tracking this activity in real time, book a demo of Dakota Marketplace to explore continuation vehicle data across strategies, assets, and geographies.
1. Elysian Capital CV I LP
Overview: Elysian Capital CV I LP is a GP-led continuation vehicle managed by Elysian Capital, structured to provide extended ownership duration and incremental capital for select high-quality assets from the firm’s existing portfolio.
Focus: The vehicle targets UK and European mid-market companies operating in the business services, technology, and healthcare sectors. The strategy emphasizes operational value creation, organic growth initiatives, and selective follow-on investments to further scale market-leading platforms while offering liquidity optionality to existing LPs.
2. Riverstone Iris Continuation Fund
Overview: The Riverstone Iris Continuation Fund is a continuation vehicle sponsored by Riverstone Holdings, a global private investment firm focused on energy, power, and infrastructure.
Focus: The fund is designed to extend ownership of a select group of energy and power assets, allowing Riverstone to continue executing long-term value creation strategies amid evolving market and exit conditions. The structure provides flexibility for existing investors while enabling new capital to support ongoing asset optimization and strategic initiatives.
3. MML Partnership Capital
Overview: MML Partnership Capital is a GP-led continuation fund established by MML Capital to provide long-term capital solutions for assets within its existing portfolio.
Focus: The vehicle is concentrated on two European business services companies, enabling MML to maintain ownership of high-conviction investments and continue driving operational improvements, growth initiatives, and strategic positioning while offering liquidity alternatives to existing LPs.
4. Crescent Credit Solutions VII CV, L.P.
Overview: Crescent Credit Solutions VII CV, L.P. is a private credit continuation vehicle managed by Crescent Capital Group, formed to manage and extend assets transitioning out of Crescent Mezzanine Partners VII.
Focus: The strategy centers on providing junior debt and mezzanine capital to middle-market companies across North America and Europe. The continuation structure allows Crescent to preserve exposure to seasoned credit investments while continuing to generate income and manage risk through active portfolio oversight.
To explore these continuation vehicles in more detail and see how Dakota Marketplace can support your research, book a demo here.
