---
title: "Continuation Vehicle (CV) | Altss Taxonomy"
description: "A Continuation Vehicle is a GP-led structure that transfers one or more assets from an existing fund into a new vehicle, offering liquidity options and…"
canonical: "https://altss.com/taxonomy/continuation-vehicle-cv"
---

Asset Class

# Continuation Vehicle (CV)

Publisher: Altss LLCPublished 2026-01-08Content modified 2026-01-08

A Continuation Vehicle is a GP-led structure that transfers one or more assets from an existing fund into a new vehicle, offering liquidity options and extended hold periods. Allocators evaluate it through pricing fairness, conflicts management, and alignment of incentives.

Continuation vehicles are a form of GP-led secondaries used to extend ownership of high-conviction assets. For allocators, the defining issue is conflict: **the GP is both seller and buyer-side decision-maker**.

### How allocators define CV exposure

They segment by:

- **Single-asset vs multi-asset** structures

- **Pricing process:** third-party fairness opinions, market checks

- **LP options:** sell/roll/reinvest; information symmetry

- **Alignment:** GP rollover, carry resets, fee terms

- **Governance:** consent mechanics and conflict controls

- **Exit realism:** why extended hold increases value, not just time

Allocator framing:
**“Is this a fair liquidity solution—or an economics reset?”**

### What slows decisions

- Unclear pricing and weak market checks

- Carry resets without commensurate value creation

- Limited transparency on asset risks and exit plans

- LP process perceived as pressured or asymmetric

### Key allocator questions

- What independent market check validated price?

- What is GP rollover and economics alignment?

- Why is extended hold expected to create value?

- How are conflicts governed and documented?

- What is downside if exit is delayed further?

## Key Takeaways

- Continuation vehicles demand conflict literacy and pricing discipline

- Alignment and process fairness drive allocator trust

- Extension must be justified by value creation, not convenience

## Related terms

[Private Equity (PE)](https://altss.com/taxonomy/private-equity)[GP-Led Secondary](https://altss.com/glossary/gp-led-secondary)[Conflict of Interest](https://altss.com/glossary/conflict-of-interest)[Liquidity](https://altss.com/glossary/liquidity)

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## Canonical URL

https://altss.com/taxonomy/continuation-vehicle-cv