A growing reliance on multi-layer continuation vehicles is leaving private equity assets in prolonged ownership structures, highlighting the industry’s struggle to exit investments through traditional sales or IPOs, accordoing to a report by the Financial Times.
One example is drugmaker Curium, originally acquired by London-based private equity firm CapVest Partners in 2016, which has now been rolled into a “CV squared” structure that transfers assets from one continuation fund into another.
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