Private equity finds a new way to deal with its deadline crisis
Examples of assets shunted from one continuation vehicle into another are dribbling out
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Private equity firms sell assets to themselves at a record rate
So-called continuation vehicles set to account for a fifth of sales by the sector in 2025
Private equity backers refuse to roll over investments as returns dwindle
Data from investment bank Houlihan Lokey shows 92% opting to cash out
KKR recut terms with big backers to hand rich investors larger share of deals
Flood of money into evergreen vehicles has meant 7.5% share carved out in fund terms no longer sufficient
The strains on the private equity model are showing
Firms are still struggling to deal with a lack of exits from their investments
Private equity backers raise new conflict concerns over sweetheart deals
Investors question if some institutions rubber-stamp deals that could benefit other businesses
Private equity: Wall Street’s hottest club is becoming less exclusive
The sector’s pitch has worked but the next challenge is persuading investors to stay