Continuation vehicles have rapidly evolved from a niche solution into a central feature of the private equity secondaries landscape. Once seen primarily as a tool for liquidity in legacy assets, they are now one of the most dynamic and strategic mechanisms in the market—allowing GPs to extend ownership of prized portfolio companies, provide optionality to LPs, and navigate an environment where traditional exits remain uncertain. 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 the top continuation vehicles in the market today, showcasing the range and scale of strategies shaping secondaries. By the end, you’ll have a clear look at who’s behind them, what they hold, and how continuation structures are driving the next phase of private markets innovation.
1. Alpine Investors Iceman CV, LP
Overview: Alpine Investors Iceman CV, LP is a single-asset continuation vehicle established by Alpine Investors in 2024. The fund, codenamed “Iceman,” was launched with approximately $975 million in capital commitments to acquire and continue Alpine’s ownership in Cobalt Service Group, a leading residential services platform. The transaction provided existing investors with the option to realize liquidity or roll their exposure into the new vehicle, marking one of the year’s larger single-asset processes in the lower middle market.
Focus: The continuation fund enables Alpine to extend the growth trajectory of Cobalt Service Group through additional capital for M&A, digital infrastructure upgrades, and national market expansion. The fund underscores Alpine’s thematic focus on recurring-revenue service businesses and its “PeopleFirst” investment philosophy, continuing to back management and employee growth as key value drivers.
2. Golub Capital Partners International Rollover Fund 2, L.P.
Overview: Golub Capital Partners International Rollover Fund 2, L.P. is a private credit continuation vehicle managed by Golub Capital, one of the largest and most active direct lending specialists in the middle-market credit space. The 2023 vintage fund closed in December 2023 with approximately $486 million in capital commitments, following the successful execution of the firm’s first rollover fund. It provides existing investors with liquidity options while allowing continued exposure to Golub’s high-performing international credit portfolio.
Focus: The fund is structured to support the ongoing management and performance of select senior secured loans across multiple geographies, maintaining exposure to a diversified set of sponsor-backed borrowers. Golub Capital’s focus through the vehicle is to ensure continuity in income generation and portfolio stability, while extending its track record of disciplined underwriting, downside protection, and long-term yield delivery in global private credit markets.
3. HERCULES CV, LP
Overview: HERCULES CV, LP is a 2024 vintage multi-asset continuation vehicle sponsored by H.I.G. Capital. The $1.1 billion fund was formed to acquire and manage a portfolio of four portfolio companies from earlier H.I.G. funds, allowing the firm to retain exposure to assets with continued value creation potential. The transaction closed in June 2024 and attracted participation from both new and existing investors, reflecting strong institutional appetite for H.I.G.’s middle-market strategy.
Focus: The continuation vehicle provides growth capital and strategic runway for the underlying companies to pursue operational scaling, strategic add-ons, and geographic expansion. HERCULES CV reflects H.I.G. Capital’s active value creation model, focusing on operational excellence, growth acceleration, and opportunistic reinvestment in proven portfolio leaders across industrials, technology, and business services.
4. Insight Partners Continuation Fund III, L.P.
Overview: Insight Partners Continuation Fund III, L.P. is a multi-asset continuation vehicle managed by the global software investor, Insight Partners. As the firm’s third and largest continuation fund to date, it successfully closed in March 2024 with approximately $1.5 billion in capital commitments. The fund was specifically formed to acquire and manage stakes in two market-leading enterprise software companies, offering liquidity to existing investors while extending ownership in high-performing assets across Insight’s growth equity portfolio.
Focus: The vehicle is designed to support continued expansion and innovation within the selected portfolio companies, providing additional capital for product development, market scaling, and strategic acquisitions. It reflects Insight’s long-term conviction in category-defining software businesses and its strategy of leveraging operational expertise to accelerate sustainable growth.
5. Golub Capital Partners Rollover Fund 2, L.P.
Overview: Golub Capital Partners Rollover Fund 2, L.P. is a private credit continuation vehicle managed by the direct lending specialist, Golub Capital. The 2023 vintage fund, the second “rollover” fund from the firm, successfully closed in December 2023 with approximately $486 million in capital commitments. It was formed to provide liquidity to existing investors while maintaining exposure to select high-quality credit assets within Golub’s core lending platform.
Focus: The fund’s strategy centers on continuing to manage a diversified pool of sponsor-backed senior secured loans, supporting stable income generation and consistent returns. It underscores Golub Capital’s disciplined underwriting approach and its commitment to providing flexible, long-duration capital solutions to middle-market borrowers.
6. NRP Continuation Partners, LP
Overview: NFP Continuation Partners, LP is a $674 million continuation buyout fund managed by Argonne Capital Group. Closed in 2023, the vehicle was established to support the recapitalization of existing portfolio businesses, particularly within fitness and franchising platforms. The transaction offered liquidity to early investors while preserving upside participation for continuing limited partners and management teams.
Focus: The fund focuses on U.S.-based consumer and service-oriented platforms with strong brand recognition, scalable operating models, and recurring revenue characteristics. It provides capital to fuel organic growth, pursue strategic add-ons, and enhance operations across Argonne’s portfolio in resilient consumer sectors.
7. Banneker CV, L.P.
Overview: Banneker CV, L.P. is a single-asset continuation vehicle managed by the software-focused private equity firm, Banneker Partners. The 2024 vintage fund closed in February 2024 with approximately $120 million in capital commitments. It was formed to acquire and support the continued growth of Entrada, a Banneker portfolio company that provides workflow automation and software solutions for enterprise customers.
Focus: The fund allows Banneker to extend ownership in Entrada, providing additional capital for product innovation, go-to-market expansion, and strategic M&A. It underscores the firm’s focus on recurring-revenue software businesses and operational value creation, offering liquidity to legacy LPs while positioning Entrada for its next phase of scale.
8. MiddleGround Carbon CV, L.P.
Overview: MiddleGround Carbon CV, L.P. is a 2024 vintage single-asset continuation vehicle sponsored by MiddleGround Capital, an industrials-focused private equity firm. Codenamed “Carbon,” the fund closed in May 2024 with approximately $490 million in commitments and was established to continue the firm’s investment in Dura Automotive Systems, a leading manufacturer of automotive systems and components.
Focus: The continuation vehicle provides capital to accelerate Dura’s electrification initiatives, supply-chain modernization, and international expansion. It aligns with MiddleGround’s sustainability-focused industrial strategy, backing operational improvement, decarbonization, and technology-driven manufacturing transformation across the mobility sector.
9. HarbourVest Private Equity Continuation Solutions L.P.
Overview: HarbourVest Private Equity Continuation Solutions L.P. is a 2022 vintage GP-led secondaries fund managed by HarbourVest Partners, a global private markets investor. The fund was designed to acquire stakes in mature, cash-generative companies through continuation vehicle transactions across North America and Europe. It represents HarbourVest’s dedicated effort to institutionalize participation in GP-led opportunities and provide flexible liquidity solutions to primary fund investors.
Focus: The vehicle targets diversified exposure across sectors such as technology, healthcare, consumer, and industrials, emphasizing companies with stable cash flows and long-term value creation potential. HarbourVest’s strategy centers on building a balanced portfolio of high-quality continuation assets while offering investors access to seasoned private equity holdings with extended duration and attractive yield characteristics.
10. Prime Storage Fund II CV, LLC
Overview: Prime Storage Fund II CV, LLC is a $2.5 billion continuation vehicle managed by Prime Group Holdings, focused on the North American self-storage real estate sector. Formed in 2022, the vehicle was established to acquire a portfolio of 83 stabilized, income-producing storage properties from Prime’s predecessor fund. The transaction marked one of the largest real assets continuation processes in the self-storage space.
Focus: The fund’s objective is to extend the holding period for high-performing assets while deploying new capital to execute a value-add strategy, enhancing operations, optimizing pricing, and improving occupancy across the portfolio. Prime Group aims to leverage its vertically integrated operating platform to drive continued NOI growth and long-term appreciation in a resilient and cash-flow-generative asset class.
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