Infrastructure Secondaries Daily
GP-led continuation funds hit $108B as fairness checks face scrutiny
Thursday, June 18, 2026 · 8 min
Coller Capital says GP-led continuation-fund volume reached $108 billion in 2025, up from $77 billion, while the governance question remains whether fairness opinions, LPAC review, and buyer pricing really protect selling LPs.
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Show notes
Coller Capital says GP-led continuation-fund volume reached $108 billion in 2025, up from $77 billion, while the governance question remains whether fairness opinions, LPAC review, and buyer pricing really protect selling LPs.
In this episode
- GP-Led secondaries in 2025: A record-breaking year — Coller Capital
# GP-Led secondaries in 2025: A record-breaking year ## Coller Capital 764 subscribers ### Description 14 views Posted: 26 May 2026 Paul Lanna, Partner, Investment at Coller Capital, on the state of the GP-led market and where a scaled buyer finds its edge. ### Transcript: 2025 was another record-breaking year for GPLEDs, uh, specifically continuation funds. There was $108 billion of…
- Step Back — When a GP-led continuation vehicle lets fund investors either cash out or roll over, who actually checks that the price is fair — and what keeps it from becoming a case of the manager grading its own homework?
Background sources
- Continuation Funds: Ethics in Private Markets, Part I — Cfainstitute
- Managing Economics and Conflicts in GP-Led Real Estate Continuation Vehicles | Insights & Resources | Goodwin — Goodwin
- Mainstream, Not Marginal: What’s Next for Continuation Funds | Skadden, Arps, Slate, Meagher & Flom LLP — Skadden, Arps, Slate, Meagher & Flom LLP
- Source — Sacrs
- Fund-of-funds doing secondaries adds conflict on top of conflict - PitchBook — Pitchbook