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 continuation vehicles added to Dakota Marketplace in November 2025, showcasing the range and scale of strategies shaping GP-led secondaries today. 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. AGP Continuation Growth Fund
Overview: AGP Continuation Growth Fund is a continuation vehicle sponsored by August Global Partners Pte. Ltd. The fund backs established, high-growth “local champions” across Southeast Asia, supporting regional scaling and global expansion.
Focus: Growth-oriented private equity/continuation investments in Southeast Asia, with emphasis on sectors such as healthcare and deep technology, targeting durable businesses with expansion tailwinds.
2. Vista Credit Opportunities Fund II CV, L.P.
Overview: Vista Credit Opportunities Fund II CV, L.P. is a 2024-vintage, closed-end continuation vehicle formed to acquire a portfolio of primarily first-lien loans from Vista Credit Opportunities Fund II. The vehicle provides investors continued exposure to Vista Credit Partners’ private credit platform and sector-focused underwriting capabilities.
Focus: Primarily first-lien direct lending investments in U.S. enterprise software, data, and technology-enabled companies, leveraging Vista Credit Partners’ origination network and sector expertise.
3. WCM Continuation Fund (parent)
Represented by: WCM Continuation Fund, L.P. (not the “Seller” entity)
Overview: WCM Continuation Fund, L.P. is a Delaware-domiciled private equity continuation vehicle formed in 2023 and managed by WCM Continuation Fund Management LLC. The fund offers equity and pooled investment fund interests to accredited investors under Rule 506(b) and Section 3(c)(7) exemptions, with an indefinite offering size and no minimum investment requirement.
Focus: Private equity secondaries/continuation investments, providing accredited investors exposure to existing portfolio assets through a continuation vehicle structure.
4. WD Thunder CV (parent)
Represented by: WD Thunder CV LP
Overview: WD Thunder CV LP is a continuation vehicle sponsored by White Deer Energy / White Deer Management LLC focused on maintaining and compounding exposure to select U.S. energy assets. The continuation structure provides liquidity options for prior investors while supporting continued ownership and value creation within the underlying portfolio.
Focus: U.S. energy private equity investments across the oil & gas and energy infrastructure value chain, with exposure to energy transition themes (including emissions/methane solutions where applicable).
5. Xplorer Capital Continuation Fund I, LLC
Overview: Xplorer Capital Continuation Fund I, LLC is a Delaware-domiciled, closed-end continuation vehicle managed by Xplorer Capital Fund III GP, LLC and led by Keith Nilsson. Formed in 2023, the fund raised approximately $3.14 million under Rule 506(b) of Regulation D to support later-stage venture investments and extend exposure to select high-performing portfolio assets.
Focus: Late-stage venture (Series C and later) investments in disruptive technology companies transforming traditional industries, with a focus on maintaining exposure to mature portfolio positions in the Xplorer Capital ecosystem.
6. XT Boxwheel Continuation Vehicle (parent)
Represented by: XT Boxwheel Continuation Vehicle, LP
Overview: XT Boxwheel Continuation Vehicle, LP is a 2023-vintage continuation vehicle managed by Crosstimbers Capital Group LLC, domiciled in Delaware and headquartered in Houston. The vehicle supports the Boxwheel Trailer Leasing platform investment within the transportation sector, aiming to provide ongoing equity capital in a previously realized asset with asset-based downside protection and an aligned continuation structure.
Focus: Continuation/secondaries exposure to a U.S. transportation equipment leasing platform (trailer leasing), emphasizing asset-backed downside protection and continued participation in the platform’s growth and cash-flow profile.
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.
