Benjamin Carper

blind pool fund opportunities from 10 or 20 years ago.

The answer is yes, they are being done in that cohort of pre-IPO

pre IPO name and the rationale for venture capital and growth managers considering a continuation vehicle is usually a bit distinct from a buyout sponsor thinking about a single asset continuation vehicle.

And I say that because the

For a venture capital manager that has been managing an older fund for the last five years, the IPO window has just not been available the same way it has over the last five years up until recently.

as it was taking another step back five years before that.

So venture capital managers are really thinking about this as a simple lever to pull to create cash distributions for a portfolio in an older vintage fund, frankly.

And those portfolios are now frequently seeing large exposures to these names that have remained private for a much longer period of time.

And they're there because they're not public equity positions yet.

So the continuation vehicle in that instance is really solving for...

enhancing DPI, creating distributions for that manager.

certainly resonance with that concept in the same way that LPs consider co-investment opportunities as they're considering new manager relationships.

Because continuation vehicles, unlike co-investments, it really gives you a window into how the sponsor has thought about growing a business and originating that original investment and partnering with management and

what has worked for them in that instance, and how they think about the forward prospects of the business.

So we frequently see managers end up building these longer-term LP relationships by considering continuation vehicles rather than

I've had the privilege to work on several of the first billion dollar plus continuation vehicles when the market was making that transition from a solution to a problem to a portfolio management tool and a really nice thing to have.

And there have been quite a few billion dollar continuation vehicles since then.

Yeah.

Thank you.

Really appreciate you having me and obviously the double click on the category.