Continuation vehicles have rapidly evolved from a niche solution into a central feature of the private equity secondaries landscape. Once viewed primarily as a tool for liquidity in legacy assets, they are now playing a strategic role in fund management, allowing GPs to extend ownership of prized portfolio companies while offering optionality to LPs. As the secondaries market matures and capital becomes more selective, continuation vehicles are reshaping the dynamics between buyers, sellers, and sponsors.
At Dakota, we’re tracking continuation vehicles with all the key details investors need to evaluate each opportunity. 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 navigate and analyze this rapidly growing segment.
In this article, we highlight recent continuation vehicles in market. By the end, you’ll have a clear look at who’s behind them, what they hold, and who’s actively leveraging these secondary solutions.
Of the 145 continuation vehicles launched in 2025, here are few highlights. If you are interested in seeing the whole universe (and growing daily) set up a call here.
Continuation Funds Currently or Recently in Market
This section includes funds that are reportedly in the process of raising capital or have recently filed formation documents.
1. Lexington Continuation Vehicle Investors (Multi-Asset)
Lexington is one of the most experienced players in the secondary industry market, and this continuation vehicle underscores their confidence in the single-asset strategy. It’s managed by Lexington Partners and is located in New York, NY.
General Partner (GP): Lexington Partners
Target Fund Size: $1B - $1.5B
Launch Date: March 2025
Focus: Multi-asset continuation vehicle
Service Providers: Compass Group, Crosspoint Advisors, Cuntur Capital, and DS Investment.
2. Arcline Double Eagle CV (Multi-Asset)
Arcline recently completed a $1 billion liquidity process to establish Double Eagle, a holding company that consolidates eight aerospace-related portfolio companies from its first three funds. The structure gives Arcline added flexibility for future exits, including sales or IPOs (Source). The fund is located in Nashville, TN.
Founded in 2018 by former Golden Gate executive Rajeev Amara, Arcline focuses on investments in industrial technology sectors, including aerospace and defense, industrial infrastructure, life sciences, and medical technology.
General Partner (GP): Arcline Investment Management
Fund Size: Part of a larger liquidity process estimated at over $1 billion. The specific size of the continuation vehicle is not public.
Vintage Year: 2024
Underlying Assets: A multi-asset continuation vehicle of several aerospace-related companies.
Service Providers: Lazard
3. AKKR Isosceles CV LP (Single Asset)
Accel-KKR has had a long focus on growth-stage software investments, and this continuation vehicle signals their intent to continue with select winners within that portfolio. Supported by advisors Lazard and Jeffereies, the Isosceles CV reflects a focused effort to create additional value in the enterprise tech space. The fund is located in Melo Park, CA.
General Partner (GP): Accel-KKR
Fund Size: Not specified
Vintage Year: 2025
Focus: Enterprise software company
Service Providers: Lazard, Jefferies
Recently Closed Continuation Funds
This section includes funds that have recently announced their closing.
1. New Mountain SRC Continuation Fund (Single Asset)
New Mountain is a growth-oriented alternative investment firm in New York, NY, managing strategies across private equity, strategic equity, credit, and net lease real estate funds. Real Chemistry, the fund’s underlying asset, is a global health innovation company delivering data-driven, digital first solutions to the healthcare industry. New Mountain SRC Continuation Fund is one of the largest single-asset continuation vehicles to date.
General Partner (GP): New Mountain Capital
Fund Size: $3.1 billion
Closing Date: April 22, 2025
Underlying Asset: Real Chemistry
Service Providers: Goldman Sachs
2. Inflexion Continuation Fund I (No. 1) LP (Multi-Asset)
Inflexion is a European private equity firm focused on the mid-market. It’s Continuation Fund I is the largest-ever multi-asset continuation fund in Europe, closing at £2.3B (approximately $3.1B). The fund enables four existing Inflexion portfolio companies to pursue continued growth, particularly through M&A, while offering current investors liquidity and the option to reinvest.
General Partner (GP): Inflexion
Fund Size: £2.3 billion (approximately $3.1 billion)
Closing Date: May 2025
Underlying Assets: A portfolio of four companies (Aspen Pumps, Rosemont Pharmaceuticals, Ocorian, and CNX Therapeutics)
Service Providers: Evercore
3. Avista Healthcare Partners CV II, LP (Single Asset)
Avista Healthcare Partners is a private equity firm in New York City focuses their efforts in healthcare. Their continuation fund offers liquidity to existing LPs while giving the opportunity to remain invested in GCM’s growth. Avista acquired GCM in 2019 and has been a driving force in their expansion through manufacturing excellence, advancing technology, and commercial expansion.
General Partner (GP): Avista Healthcare Partners
Fund Size: Not publicly disclosed.
Closing Date: June 2025
Underlying Asset: GCM (a manufacturer of precision components for medical technology)
Service Providers: Piper Sandler
Dakota Marketplace for Continuation Vehicles
Dakota Marketplace is a complete database solution designed to accelerate fundraising and investment research across all channels through providing complete and accurate data. With membership, investment sales teams gain access to qualified prospects, accurate contact data, and the ability to easily identify the right decision-makers all through a clean, intuitive user interface. Trusted by over 6,000 fundraisers and 1,400 global investment firms, Dakota Marketplace supports faster, more effective outreach.
Because tracking continuation vehicles can be challenging due to their complexity, shifting valuations, and limited public disclosures, Dakota Marketplace centralizes up-to-date data on vehicle sizes, strategies, underlying assets, service providers, and closing timelines. For allocators, secondary investors, advisors, and general partners, it delivers the transparency and confidence needed to navigate this fast-evolving segment of private equity.
For more information on these continuation funds, 145 others, and the rapidly growing daily funds, book a demo of Dakota Marketplace!
