Sell to Roll: Capital retention in the continuation vehicle ecosystem

Spreading out: Private credit’s next growth wave

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August 2026 | The question facing many GPs, as continuation vehicles become an increasingly popular exit route, is how to retain and recycle the capital from those transactions. Our research finds that liquidity generation for LPs is the biggest use case for CVs currently, but the investor experience through the process can be pivotal for future capital relationships.

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Puneet Arora

Director

Apollo

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