Davis Polk partner and head of Investment Management Leor Landa was quoted in Octus discussing continuation vehicles (CVs) and how, despite popular belief, they are not a symptom of a slowdown in dealmaking volume.

The article mentioned how growth in general partner (GP)-led equity secondaries – where a GP moves assets out of an aging private equity fund into a CV – has tracked with a slowdown in dealmaking, and how experts argue that CVs have instead earned a permanent place alongside traditional exits and IPOs rather than strictly pointing to a slowdown in volume.

When discussing how GP-led secondaries have evolved, Leor said, “If you asked people 10 years ago, they would have said GP-led secondaries were a tool for managers in tight spots with difficult investments. That’s absolutely not the case anymore. We’re seeing many, many of the top managers pushing their highest performing, largest assets into the CV market.”

“We call it the fourth exit,” Leor added. “There are secular reasons why a CV makes sense as an exit, just like there are some assets where an IPO makes sense or some assets where a strategic sale makes sense.”

”Continuation Vehicles Are ‘Fourth Exit’, Not Just a Product of Weak Exit Markets, SuperReturn Panelists Say”, Octus (September 17, 2026)

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