华利安（Houlihan Lokey）：2025年全球接续基金市场研究报告（英文版）（17页）.pdf

1、May 20262025 Continuation Fund StudyIntroduction2Growth in the global GP-led continuation fund market accelerated in 2025,reaching record volumes of more than$100 billion despite an improving M&A and IPO exit environment.This growth was supported by an influx of buyside capital and the continued ado

2、ption of single-asset and multi-asset CVs among both new and repeat GPs,who have come to view CVs as an important strategic liquidity and portfolio management solution.About This StudyIn this study,we have undertaken a detailed review of a sample of actual or proposed continuation fund transactions

3、launched or closed in 2023,2024,and 2025 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 practice,which is the market leader in providing fairness opi

4、nions and valuation advice to assist sponsors in navigating conflict situations,such as continuation fund and other fund-affiliate transactions globally.The Fund Opinions practice has supported hundreds of leading sponsors across a wide range of continuation and cross-fund transactions.Sources:Publi

5、c News Articles,Wall Street Research.Overview of Transaction Mix3Single-Asset 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.C

6、Vs by Industry(2025)(Percent of Transactions Reviewed)CVs by Asset Class(2025)(Percent of Transactions Reviewed)17.9%Industrials17.9%Energy and Infrastructure14.3%Financial Services7.1%Healthcare21.4%Technology14.3%Consumer89%Buyout8%Credit3%Venture CapitalOur sample reflects an approximate 29%year-