Critics argue CVs entrench managers or delay inevitable exits. However, structured with transparency and fairness, these funds align interests rather than obscure them, writes AEA Investors' and Painswick Capital's John Garcia.
Painswick Capital views single-asset continuation vehicles as a PE business and has built its firm around that thesis, founder John Garcia and partner James Powers tell Secondaries Investor.
Painswick Capital Management LP closed its inaugural fund, Painswick Capital Fund I LP, with $1.5 billion in commitments from global investors including pension funds, insurance companies, and family offices.
Pike Street Capital raised $199 million for Pike Street Capital Reserve, a continuation fund for Impel Company, a provider of fluid management systems for water and wastewater treatment.
Astorg announced the closing of the Normec Continuation Fund, backed by investors including CVC Secondary Partners, Pantheon, and sovereign wealth funds.
