Single Assets

Hybrid capital appears to be having a moment. The strategy’s knack for complex deals at a time of market disruption is juicing demand – including among liquidity-strapped GPs.

The finding that CVs are performing in line with buyout funds while offering different return profiles persists in Evercore’s and HEC Paris’s latest survey, with PEI Group data showing a growing number of LPs have GP-led funds in their portfolios.

Klar’s CV process joins EMK’s in the market with both firms seeking to continue their hold for European assets operating in the same industry.

Investment committees are a taking a closer look before rolling into a CV amid rising deal volume, said panellists at IPEM Global in Paris.

Continuation vehicles are succeeding because they’re solving real problems for LPs.

The fund aims to capitalise on surging investor interest in infra CVs and strong tailwinds in the aquaculture market to support the global expansion of wellboat company Sølvtrans.

The CV for a Netherlands-based industrials asset will see around €1bn-€1.2bn of new equity with a ‘significant amount’ of rollover, PEI Secondaries Investor understands.

Thanks to ongoing LP acceptance and secular tailwinds, continuation vehicles in infrastructure are getting a new lease of life.

LPs had a choice of liquidity at a price set by a competitive process or continued participation, Eric Rosen, Hudson Hill’s managing partner, said.

A total of 66 CVs were known to have closed in the first half of 2026, up significantly from the 40 logged during the same period last year.