Deals

Secondaries Investor H1 2025 CV Deal Log – updated

The first half of the year saw 38 continuation vehicles close, with several more launching or being eyed, according to data gathered by Secondaries Investor.

Performance Equity cleans up older venture portfolio in CV with Partners Group

Venture/growth represented about 8% of GP-led volume in the first half, which matched the full-year volume of last year, according to Jefferies’ recent volume report.

Apollo leads on Butterfly’s $500m-plus single-asset CV for Qdoba

The Mexican restaurant chain deal marks the first continuation vehicle for food sector-focused Butterfly Equity.

APG tries again with large portfolio sale after pulling process last year

The Dutch pension administrator’s sale is part of a wave of sales processes that institutional investors are using to help manage their programmes amid an exit drought and a slowdown in distributions.

CapVest seeks to move Curium into a large CV-on-CV

The buyout firm had moved Curium Pharma into a €1.2bn single-asset continuation fund in 2020.

Sterling Investment Partners eyes single-asset process for Xylem Kendall

The firm is understood to be running a process to move the vegetation management services company out of its $934m Fund IV and into a new vehicle.

Goldman emerges as lead on Accel-KKR’s CV-on-CV deal

CVs of CVs have become a popular tool to maintain control of trophy assets, with several processes launching this year.

Ares’ secondaries unit backs Apax Global Alpha take-private

The transaction involves a continuation fund-like structure, Secondaries Investor understands, and includes an option for backers of the UK investment trust to roll into a new fund, filings show.

CVC returns to secondaries market with Nordic single-asset process

CVC is the latest manager to seek out a large continuation fund for a Europe-headquartered asset, Secondaries Investor has learned.

Onex eyes $2bn multi-asset CV in firm’s latest use of GP-leds

One of the assets involved was being mulled for a separate CV managed Carlyle in a process that has since been dropped, Secondaries Investor understands.