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Continuation vehicles have moved from a niche liquidity tool to a standard part of how private equity sponsors manage their best assets. A GP-led continuation fund lets a sponsor keep owning a company it believes in while giving existing investors the choice to cash out or roll forward.
September's additions show how wide that use has become. The vehicles below span energy infrastructure, healthcare services, security monitoring, specialty contracting, growth equity, and private credit. They range from single-asset deals to multi-vehicle structures with parallel, rollover, and seller entities, and one includes a feeder built for wealth-platform investors.
Dakota Marketplace tracks each vehicle's sponsor, underlying asset, structure, and closing details, giving investors, advisors, and fund managers a current read on the GP-led secondaries market.
Here are the continuation vehicles added to Dakota Marketplace in September 2026.
1. ECP Next Wave Continuation Fund, LP
Overview: A continuation vehicle formed by Energy Capital Partners, led by founder Douglas W. Kimmelman, to hold selected North American energy infrastructure investments transferred from a prior ECP fund. The main fund closed with $834 million and reached its final close on October 5, 2026. The transaction also includes ECP Next Wave Continuation Fund B, LP, a Delaware vehicle acquiring select power generation and energy transition assets, and ECP Next Wave Continuation Fund C, LP, a Cayman Islands vehicle that remains open.
Focus: North American power generation, energy transition, and power infrastructure assets carried over from an earlier ECP fund. The structure gives investors continued exposure to ECP's power sector portfolio and extends the runway for value creation ahead of an eventual exit.
2. Peterson Kelso Coinvest, LP
Overview: A Delaware coinvest vehicle sponsored by Peterson Partners backing Kelso Industries, a mechanical, electrical, and plumbing contractor, as part of a $510 million continuation fund led by NorthSands Capital. The main vehicle closed with $453.4 million, alongside a parallel vehicle, Peterson Kelso Coinvest Parallel, LP. The capital supports acquisitions, hiring, and geographic expansion.
Focus: Continued ownership and growth of Kelso Industries, with fresh capital directed toward add-on acquisitions, workforce expansion, and entry into new geographic markets.
3. Guardian Alarm CV LP and Guardian Alarm CV 2 LP
Overview: Two continuation vehicles formed by Certares for Guardian Alarm, a Michigan-based security and alarm monitoring company Certares acquired in 2017. The first vehicle closed with $187.4 million and the second with $119.9 million, a combined $307.3 million. Together they let investors extend their holding period beyond the original fund's term or add exposure to the business. Both vehicles carry a $50,000 investment minimum.
Focus: Security and alarm monitoring through Guardian Alarm, a Certares holding since 2017. The two-vehicle structure lets existing investors roll their stake forward or add new exposure beyond the original fund's term.
4. PBN III Equity Holdings LP
Overview: A $40.1 million Delaware limited partnership with a Guernsey-domiciled general partner, sponsored by Coller Capital, a global private credit secondaries manager. Unlike the single-asset deals on this list, the vehicle is structured to acquire diversified private credit fund interests or portfolios from existing investors.
Focus: Private credit secondaries, buying diversified private credit fund interests or portfolios from existing investors rather than backing a single company.
5. GA RV Continuation, L.P.
Overview: A continuation vehicle sponsored by General Atlantic that acquires existing investments from the firm's Core Program growth equity portfolio, giving existing investors the option to take liquidity or roll into the vehicle. It is part of General Atlantic's RV continuation program, which has backed growth-stage companies including Howden, Argus Media, Sanfer, and Red Ventures.
Focus: Growth equity investments drawn from General Atlantic's Core Program, held through a recurring continuation program rather than a one-off transaction, with existing investors choosing between liquidity and rollover.
6. AEA OMN CF LP
Overview: A continuation fund formed by AEA Investors, the New York-based private equity firm, to extend its ownership of a portfolio investment identified as "OMN" beyond the life of the originating fund. It follows AEA's earlier GP-led continuation vehicles for Excelitas and Singer Industrial, and gives secondary buyers and rolling LPs continued exposure to the underlying asset.
Focus: A single AEA portfolio company held past the originating fund's term, continuing the firm's use of GP-led continuation vehicles to keep owning select assets under its management.
7. Revelar RAYUS Continuation Fund, L.P.
Overview: The main vehicle in a single-asset continuation transaction through which Revelar Capital, a New York middle-market private equity firm formerly known as Wellspring Capital Management, extends its ownership of RAYUS Radiology. RAYUS operates outpatient diagnostic imaging and interventional radiology centers across the United States. The transaction also includes a rollover vehicle for existing investors who keep their exposure and a seller vehicle through which the legacy fund's RAYUS stake transfers into the new fund.
Focus: RAYUS Radiology's national network of outpatient diagnostic imaging and interventional radiology centers, held through a three-part structure of main, rollover, and seller vehicles that moves the stake out of the legacy fund.
8. CAP91 CV Sleeve LP
Overview: A continuation vehicle sleeve managed by CAP91 Partners, the Richmond, Virginia firm co-founded by Harris Williams founder Hiter Harris III and Matthew Engel, which co-invests alongside private equity sponsors in US middle-market companies. The sleeve gives investors exposure to a defined set of existing middle-market company interests rather than a blind pool, with Harris Williams acting as placement agent. A separate Gridline-sponsored feeder, GL-CAP91 CV Sleeve LP, invests into the sleeve on behalf of wealth-platform investors.
Focus: A defined set of existing US middle-market company interests held alongside private equity sponsors, available directly through the sleeve and, for wealth-platform investors, through the Gridline feeder.
9. Tailwater Infrastructure CV I-B LP
Overview: A continuation vehicle, designated series I-B, that extends Tailwater Capital's energy infrastructure strategy. It provides liquidity options to existing investors while continuing to hold midstream and infrastructure assets across the portfolio.
Focus: Midstream and energy infrastructure assets already held across Tailwater's portfolio, with liquidity available to existing investors who choose not to stay in.
10. AHP Scale CV L.P.
Overview: A newly formed continuation-style vehicle sponsored by Assured Healthcare Partners. Rather than holding a single asset, it pursues control and structured-equity investments in US healthcare businesses undergoing recapitalization, growth, consolidation, or carve-out transitions. The vehicle remains open.
Focus: Middle-market buyout and structured equity in US healthcare businesses at key transition points, including recapitalizations, growth phases, consolidations, and carve-outs.
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