1、May 20252024 Continuation Fund StudyIntroduction2The continuation fund market has experienced significant growth and evolution in recent years,with continuation funds becoming a widely adopted solution that can be used by GPs to strategically unlock liquidity for LPs,optimize portfolios,retain attra

2、ctive assets,and support future growth,particularly as traditional exits have been pushed out amid recent market volatility and macroeconomic uncertainty.About This StudyIn this study,we have undertaken a detailed review of a sample of actual or proposed continuation fund transactions launched or cl

3、osed in 2023 and 2024 across the U.S.,Europe,and Asia with the aim of providing additional perspective on key market trends and deal terms.The study is based on insights gained by Houlihan Lokeys dedicated Fund Opinions team,which is the market leader in providing fairness opinions and valuation adv

4、ice to assist sponsors in navigating conflict situations,such as continuation fund and other fund-affiliate transactions globally.The Fund Opinions team has supported hundreds of leading sponsors across a wide range of continuation and cross-fund transactions.Overview of Transaction Mix3Single-Asset

5、 vs.Multi-Asset CVs(Percent of Transactions Reviewed)Note:Industry mix data excludes certain multi-asset CVs that include a portfolio of assets across different industries.Sources:Public News Articles,Wall Street Research.60%60%Single-Asset40%40%Multi-Asset202357%57%Single-Asset43%43%Multi-Asset2024

6、CVs by Industry(Percent of Transactions Reviewed)CVs by Asset Class(Percent of Transactions Reviewed)17.1%Industrials5.7%Real Estate17.1%Energy andInfrastructure2.9%Consumer14.3%Business Services8.6%Healthcare34.3%Technology92%Buyout2%Credit6%Venture CapitalOur sample reflects an approximate 40%incr