What is a Continuation Vehicle? GP-Led Secondaries Explained for Operators

Q: Is a continuation vehicle a type of secondary?

It is part of the GP-led secondary toolkit. Selling LPs get liquidity; rolling LPs keep exposure through a new vehicle.

Q: What must software track on day one?

A link to the source vehicle, each LP’s election, and a path to invite rollers into KYC and capital ops on the CV.

Q: Do CVs need different accounting from SPVs?

Once live, books, NAV and LP reporting are the same class of work as any other private vehicle — which is why reusing SPV/fund admin matters.

By aama.io Fund Operations Team · Last reviewed 9 October 2026

A continuation vehicle (CV) is a new private-market vehicle created so a GP can hold assets longer while offering existing LPs a choice to roll into the new vehicle or sell. Operationally it is a fresh vehicle with elections, KYC and capital ops — not merely a rename of the old fund.

Sourced information — it can change

This page is compiled from public sources (listed at the bottom) and last reviewed on 9 October 2026. Regulations, thresholds, fees and market practice change, so it may not reflect the latest position. Check with your counsel and ILPA guidance on GP-led secondaries before acting.

Key facts

Triggered by	GP-led secondary / desire to hold winners past fund life
LP choice	Typically roll, sell, or a mix
New vehicle	New SPV, fund or VCC sub-fund with its own books
Admin focus	Source link, elections, invite rollers, capital calls, reporting
Not required for MVP	Full bid desk, escrow and stapled-primary automation
Conflicts	GP-led deals need disclosure and often independent advice

How it works

Propose and disclose. The GP proposes transferring assets or interests into a new vehicle and discloses conflicts, pricing basis and options to LPs.
Collect elections. Each LP elects to roll (stay invested via the CV), sell, or remains undecided until a deadline.
Onboard and operate the CV. Rolling LPs complete onboarding on the new vehicle; capital calls, NAV and reporting run like any other fund or SPV.

Worked example: One portfolio company into a CV

A five-year PE fund wants to hold a breakout company longer. A new SPV/CV is formed; 12 LPs elect to roll $40M of commitment; 8 elect to sell.

Source fund LPs	20
Roll elections	12 LPs / $40M
Sell elections	8 LPs
Admin next step	Invite 12 rollers onto the CV LP portal and publish the linked fund

The election register is the bridge between the old vehicle and the new one. Without it, onboarding becomes a manual reconstruction of who stayed.

Common mistakes

Treating the CV as a label on the old fund instead of a new vehicle with its own investor register.
Inviting everyone from the source fund without recording roll vs sell.
Building a full secondaries trading desk before the admin path for elections and onboarding works.

The Singapore and APAC angle

CVs in Singapore may sit as a new company, LP or VCC sub-fund. Tax incentives (13O/13U) and MAS licensing follow the manager and structure — confirm with advisors; software does not grant the incentive.

Frequently asked questions

Is a continuation vehicle a type of secondary?

What must software track on day one?

Do CVs need different accounting from SPVs?

Free tools

SPV Administration Cost Calculator (Annual Run-Rate)Capital Call Schedule Builder (Drawdown Pacing)

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SPVs & Syndicates

Single- and multi-asset vehicles — onboarding, carry, distributions and accounting.

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Go deeper

Continuation Vehicles for Emerging Managers: Admin Without a Secondaries Desk True Syndicates vs Invite Links

Related terms

Capital Call

A capital call, also called a drawdown, is a formal request from a fund manager for limited partners to pay in part of the capital they committed. Funds call capital as needed for investments, fees and expenses, rather than collecting the full commitment upfront, and each LP pays pro rata to its commitment.

Fund Administrator

A fund administrator is the firm, or in-house team, that runs a fund's back office: calculating NAV, keeping the books, processing capital calls and distributions, maintaining investor records and producing reports. It is distinct from the fund manager, which makes the investment decisions.

Investment Syndicate

An investment syndicate is a group of investors who participate in a single deal behind a lead (and sometimes co-leads), usually through an SPV or similar vehicle. Unlike a blind-pool fund, members typically see the deal before they commit, and the lead’s carry or deal fee is set at vehicle level.

Sources

ILPA — GP-led secondaries aama.io — SPVs & Syndicates

General information, not tax, legal, accounting or investment advice. This content is sourced from the references above and from public regulatory material, and it can become outdated. Always confirm the current position with your counsel and ILPA guidance on GP-led secondaries, and take professional advice for your specific situation, before relying on it.