Private Equity International: Continuation Vehicles and the Five Stages of Grief

Is the private equity industry moving through the five stages of grief?

In a recent conversation with Private Equity International, our Managing Director Hans-Christian Moritz drew a comparison that was meant with a wink - yet captures: The evolution of Continuation Vehicles (CVs) shows certain parallels to Elisabeth Kübler‑Ross’ five stages of grief.

From the early days of “hiding” CVs in the footnotes (Denial) to acknowledging them as a regular exit route (Acceptance), there wasn’t a lack of opinions along the way. Acceptance, however, does not eliminate risk. It means dealing with new realities and professionalizing the response, including standardized governance around conflicts of interest, transparency over track records involving CVs as well as managing the associated workloads for GPs.

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