HEC Research Papers Series,
HEC Paris

Abstract: Continuation funds are an emerging and increasingly important vehicle for private equity funds to exit their investments while keeping control of the asset. Due to their short history, as well as the notoriously opaque nature of private equity, we know little about the performance of these funds, and even less about the determinants of performance itself. To fill this gap, I combined primary data collection with archival data search, and compiled a data set of 386 Continuation Funds for the 2018-2023 period. For 297 of those, I also collected performance data. Preliminary exploratory analysis reveals little return differences across industries, markets, or type of fund (single- vs multi-asset). In a further effort to understand returns, I compare 133 buyout funds from the 2020 vintage to 149 simulated multi-asset funds: I find that while returns are comparable, the risk profile of single-asset funds is lower, indicating a narrower spread of outcomes.

Keywords: private equity; continuation funds; performance

JEL-codes: G24

10 pages, September 8, 2025

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