Continuation fund
A new vehicle, sponsored by the same GP, that buys one or more assets from an existing fund so the GP can keep managing them beyond the original fund's term, while existing LPs choose between selling for cash and rolling their interest into the new vehicle.
In practice
Continuation funds are the most common form of GP-led secondary. They raise conflicts that are managed through a fairness opinion, an LP advisory committee process and an election window for existing investors, and they create a second set of commitments, waterfalls and reporting that must reconcile to the first.
In FUN/D
FUN/D models the continuation vehicle as its own fund with its own LPA, tracks each existing LP's sell-or-roll election, and carries rolled interests across with a full audit trail.
Related: LPA · Distribution waterfall · Capital account · full glossary
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