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Alternative Private Equity Structures: Continuation Funds, GP-Led Secondaries, and Permanent Capital Vehicles

Structuring and Negotiating Alternative Private Equity Structures for Investment Managers and Investors

Recording of a 90-minute premium CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
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Conducted on Thursday, September 21, 2023

Recorded event now available

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This CLE course will analyze the current state of the investment market that has given rise to alternative private equity structures focused on liquidity, such as continuation funds, GP-led secondaries, and permanent capital vehicles. The panel will review the mechanics and the pros and cons of these alternative structures.


As the private equity industry matures, general partners seek longer-dated funding sources for their investments and themselves for several reasons. They want to reduce fundraising costs, provide for more certainty of capital, and ensure more time to enhance the value of their portfolio companies and better time exits with the market cycle.

Continuation funds permit general partners to hold portfolio companies past the term of a fund and possibly invest new capital while returning capital to investors.

Permanent capital vehicles, which come in multiple varieties, permit general partners to raise and deploy capital over a potentially unlimited time horizon, freeing them up from the typical 10-year fund lifecycle.

Listen as our authoritative panel of practitioners discusses the structure, benefits, and pitfalls of these alternative fund structures. The panel will compare and contrast these alternative structures and discuss how they fit the current fundraising landscape.



  1. Permanent capital vehicles
  2. Continuation funds
  3. General partner-led secondaries


The panel will review these and other key issues:

  • What are the market factors causing investors to look more closely at alternative private equity fundraising structures?
  • What advantages do these structures present for general partners and investors?


DeNiro, Michael
Michael A. DeNiro

Willkie Farr & Gallagher

Mr. DeNiro’s practice is focused on transactional and regulatory matters involving registered investment...  |  Read More

Kim, Kyung Woo
Kyung Woo (Kevin) Kim

Willkie Farr & Gallagher

Mr. Kim is an associate in the Corporate and FinancialServices Department of Willkie Farr& Gallagher in New York....  |  Read More

Knapke, John
John M. Knapke

Willkie Farr & Gallagher

Mr. Knapke is a partner in the Asset Management Department. His practice focuses on private investment funds. In the...  |  Read More

Tuchman, Deborah
Deborah A. Tuchman

Willkie Farr & Gallagher

Ms. Tuchman has extensive experience representing hedge funds, funds of funds, commodity pools, investment advisers and...  |  Read More

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