Commentary

ONCAP V includes $250 million from Onex.

Fund II will continue Excelsior’s strategy of investing equity in solar, energy storage, wind, and other energy transition projects across the US.

RCP Direct V’s LPs include family offices, insurance companies, endowments, foundations, public pension plans, and high-net-worth individuals.

While macroeconomic uncertainty might be conducive to increased secondary activity, there is concern among industry insiders that tariffs could force the secondary market, and continuation vehicles in particular, to recalibrate.

With the possibility that exits will not be making a comeback this year, PE’s IR professionals have quite a challenge ahead of them (especially those fundraising, but not just them).

While continuation vehicles may not always be the optimal solution for sponsors and LPs, other attractive liquidity solutions are gaining in popularity, writes Todd Miller, partner at W Capital Partners.