CAP91 Partners / Continuation Vehicles
Providing equity to sponsors who want to “double down” and continue owning a high-quality asset.
We take lead and syndicate positions in GP-led secondary transactions where a sponsor wants to “double down” and continue owning a high-quality asset.
We look for sponsors who know the business better than any new buyer would, where the thesis has been substantially validated, and the growth plan is clear.
We look for alignment of interests: the lead sponsor, the other CV investors, the management team, and us.
We do not buy LP interests. We do not participate in multi-asset continuation funds, strip sales, or fund restructurings. We do not assemble diversified secondary portfolios.
Every transaction we underwrite is a GP-led single-asset continuation vehicle. Ours is a dedicated strategy built for this segment.
The reason we built a dedicated strategy around it.
A single-asset CV is different from a secondary. It is a concentrated equity position in one company.
Our partners have spent three decades evaluating individual middle-market companies as a thought partner to owners, management teams and sponsors — which is precisely the skill a single-asset continuation vehicle demands.
Time and capital for a high-quality asset.
The plan that brought the company this far is working, and the remaining value creation extends the runway for the lead sponsor and the management team.
A high-quality business in a growing industry with clear, achievable value creation drivers. The question we are answering is whether the next period of ownership can continue the strong earnings growth.
Rollover and economic alignment are standard in these transactions now. The harder question is whether this sponsor is the optimal owner to lead the company through its next stage of growth.
The same standard we would apply to a primary investment.
We ask what has changed since the original underwriting, what the remaining plan requires, and whether the price reflects future growth and risk.
We run a continuation vehicle through the same framework as any other investment: the company, the industry, the sponsor, and the value creation plan.
We can price the transaction, negotiate terms, and anchor the vehicle.
We can move quickly alongside a lead we respect, without needing to redo the work from scratch.