Key Takeaways
- • New Mountain Capital founder Steve Klinsky told PEI Private Equity that single-asset continuation vehicles (CVs) remain in the "first inning" of private equity adoption.
- • Klinsky estimated that roughly one in every 10 to 15 portfolio companies could be suitable for a CV, while stressing there is no fixed percentage that applies to every general partner.
- • The comments position single-asset CVs as an early-stage secondaries tool for buyout managers seeking liquidity for select trophy assets.
Summary
New Mountain Capital founder Steve Klinsky said single-asset continuation vehicles are still in the early stages of adoption across private equity, according to PEI Private Equity. Speaking to the publication, Klinsky described the structure as being in the "first inning" of its development as a tool for general partners.
Klinsky estimated that roughly one in every 10 to 15 portfolio companies could be suitable for a CV. He cautioned, however, that there is no fixed percentage that applies to every GP, as suitability depends on each manager's portfolio, hold periods and investor base.
The remarks, reported by PEI Private Equity reporter Hannah Zhang, frame single-asset CVs as a secondaries mechanism that allows a sponsor to extend ownership of a specific asset while offering existing limited partners the option to sell or roll their interests. For institutional allocators, the comments signal that the market for such transactions is expected to broaden as more managers evaluate them, though the source does not quantify transaction volumes or pricing.
The article is focused on the views of a single senior practitioner and does not include deal values, specific transactions or regulatory commentary.
Klinsky estimated that roughly one in every 10 to 15 portfolio companies could be suitable for a CV. He cautioned, however, that there is no fixed percentage that applies to every GP, as suitability depends on each manager's portfolio, hold periods and investor base.
The remarks, reported by PEI Private Equity reporter Hannah Zhang, frame single-asset CVs as a secondaries mechanism that allows a sponsor to extend ownership of a specific asset while offering existing limited partners the option to sell or roll their interests. For institutional allocators, the comments signal that the market for such transactions is expected to broaden as more managers evaluate them, though the source does not quantify transaction volumes or pricing.
The article is focused on the views of a single senior practitioner and does not include deal values, specific transactions or regulatory commentary.
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