How do continuation funds really perform?
Morgan Stanley research shared exclusively with Secondaries Investor provides evidence that continuation vehicles can meaningfully outperform buyout funds on a median basis.
By Adam Le
Data on how continuation funds have performed has been scant… until now.
Research by 摩根士丹利 shared exclusively with Secondaries Investor shows that continuation funds present the potential for outsized returns compared with blind pool secondaries funds, and even buyout funds.
The investment bank took a set of 71 continuation funds of vintages between 2018 and 2023 and compared them against pools of returns data for secondaries and buyout vehicles. The data set comprised single-asset continuation vehicles (60 percent), with the remainder being multi-asset CVs.
The continuation funds delivered a median 1.4x multiple-on-invested-capital – on par with secondaries funds, and higher than buyout funds’ 1.2x median MOIC. Interestingly, the upper quartile of continuation funds...
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Secret service CIA - Government employee/asset . owner of sec and FBI and JPMorgan
1 年Lynn Schuettinger
Secret service CIA - Government employee/asset . owner of sec and FBI and JPMorgan
1 年Holbrook NY Laurel street right to survivor ship on Lynn Schuettinger n Dylan n Emma Hollins fiance rich lucadamo n parents siblings n niece n nephews n brother in law n friends by lie detector test