Majority of CVs See Both Tiered Carry and Dual Return Metrics: Morgan Lewis, Secondaries Investor

Secondaries Investor covered remarks by partner Ted Craig at Morgan Lewis’s 12th annual London Private Investment Funds Summit, where he spoke on a panel about continuation vehicle (CV) structures and evolving market terms.

Ted discussed trends in CV economics, noting the increasing prevalence of tiered carry structures and dual return metrics tied to internal rates of return and multiple thresholds.

Ted stated, “Almost inevitably, if a manager is making any proceeds from selling the asset from the existing fund, [with] any proceeds they make, there’d be a strong expectation they’d be investing those into the continuation vehicle.”

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