In this month’s Decoding Exits series, Karthik unpacks a new trend reshaping how firms manage long-term assets: CV Squared (Continuation Vehicle Squared). When assets in a first continuation vehicle don’t exit on time, they may roll into a second one, extending the holding cycle.
Here are the key moments:
- Elevation Captial announced Elevation Holdings, a $400M late-stage vehicle for IPO-bound companies, expanding beyond their early-stage roots. Karthik notes this model often blends primary and secondary investments.
- Kedaara is planning a $200–300M multi-asset continuation vehicle after its $1.7B flagship fund, with strong appetite expected from existing LPs and secondary investors
- Iron Pillar closed a $200M+ growth and follow-on fund and is in talks to raise a continuation vehicle, reflecting how late-stage firms are now adopting structures once thought limited to early-stage venture.
Watch the full analysis to understand what these signals mean for founders and investors.