Key Takeaways
- • Chris Gordon, global head of private equity at Bain Capital, describes continuation vehicles (CVs) as "valid long-term tools" in private markets, according to PEI Secondaries Investor.
- • Gordon argues CVs could offer greater return potential in a minority of cases by allowing assets to benefit from a "long-term compounding function."
- • The comments position CVs as a tool suited to select assets rather than a general-purpose exit route, a distinction relevant to GPs and LPs evaluating secondary transactions.
- • The source article is brief and the available text does not provide additional deal values, fund sizes, or quantified return data.
Summary
Chris Gordon, global head of private equity at Bain Capital, has described continuation vehicles (CVs) as "valid long-term tools" within private markets, according to PEI Secondaries Investor. The remarks, reported by Hannah Zhang, frame CVs as a structure that can add value in a limited subset of situations rather than as a universal approach to liquidity.
According to Gordon, CVs "could offer greater return potential in a minority of cases" by allowing assets to benefit from a "long-term compounding function." The emphasis on a minority of cases signals that, in his view, the economic case for a CV depends on the specific asset and its growth trajectory, rather than on the structure itself.
The comments come at a time when continuation vehicles remain a closely watched segment of the secondaries market, where GPs use them to extend ownership of high-performing assets and offer liquidity options to existing investors. For institutional LPs and secondaries investors, Gordon's framing underscores the importance of case-by-case underwriting and alignment of interests in these transactions.
The source article does not disclose transaction values, fund names, or specific portfolio assets referenced in the discussion, and should be read as a summary of Gordon's stated position rather than a report on a specific deal.
According to Gordon, CVs "could offer greater return potential in a minority of cases" by allowing assets to benefit from a "long-term compounding function." The emphasis on a minority of cases signals that, in his view, the economic case for a CV depends on the specific asset and its growth trajectory, rather than on the structure itself.
The comments come at a time when continuation vehicles remain a closely watched segment of the secondaries market, where GPs use them to extend ownership of high-performing assets and offer liquidity options to existing investors. For institutional LPs and secondaries investors, Gordon's framing underscores the importance of case-by-case underwriting and alignment of interests in these transactions.
The source article does not disclose transaction values, fund names, or specific portfolio assets referenced in the discussion, and should be read as a summary of Gordon's stated position rather than a report on a specific deal.
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