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In a recent edition of Bloomberg‘s Going Private newsletter, David Nestler and Ian Schwartz share their perspectives on the evolving dynamics shaping continuation vehicle transactions in today’s private markets.
David and Ian note that sponsors and investors are spending more time calibrating economics to the specific asset, transaction structure, and investor group, with compelling investment theses proving to be an important consideration. Where economics are under discussion, they observe that limited partners are paying close attention to transaction costs, rollover terms, and governance arrangements.
On what drives successful outcomes, David and Ian emphasize that transactions tend to be best received where there is a clearly articulated investment thesis, a well-defined path to value creation, and alignment among the relevant stakeholders – reflecting the increasingly transaction-specific nature of negotiations in the continuation vehicle market.
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