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Firms with deep sector expertise and direct underwriting experience are reshaping the single-asset continuation vehicle market, say TPG GP Solutions co-managing partners Matt Jones and Michael Woolhouse.

As GP-led secondaries evolve in scope and sophistication, market participants are navigating new expectations around governance, liquidity and transparency, say Akin partners Brendan McNamara, Daniel Quinn and Fadi Samman.

The continuation fund market remains popular because it can provide solutions for both GPs and their LPs, and increasingly robust performance data will likely further boost its growth, says AltamarCAM Partners’ Derek Snyder.

In the next cycle, simplicity of mission and focus will be paramount. You need to know who you are and then deliver on that, says Permira co-CEO Dipan Patel.

Even with distributions to LPs remaining slow, it is possible to get large sponsor exits over the line, says Hellman & Friedman CEO Patrick Healy.

Claus von Hermann, co-head of Triton’s mid-market funds, and Helen Williams, head of Triton’s dedicated value creation group, share what it takes to deliver a stellar exit.

As the tailwinds that have long powered performance fade – from cheap leverage to multiple expansion – the industry can no longer rely on a rising tide, says Hugh MacArthur, chair of Bain & Company’s global PE practice.

Now that multiple arbitrage is a thing of the past, PE firms must embrace complexity in order to deliver returns, says American Securities senior partner Kevin Penn.

Investor attitudes are shifting regarding African markets as urbanisation and a population boom drive economic growth, says Albert Alsina, founder and CEO of Mediterrania Capital Partners.

The impact of flooding, heatwaves and rising sea levels on business continuity is pushing climate risk – and effective ratings – up the agenda for PE dealmakers, says Rémy Estran-Fraioli, CEO of Scientific Climate Ratings.