Capital Allocators · Monday, October 26, 2026
Scott Ramsauer, head of private equity funds at the Teacher Retirement System of Texas and board chair of ILPA, outlined the top 10 reasons limited partners are concerned about continuation vehicles (CVs). He noted that while GPs view CVs as an additional exit route, LPs increasingly refer to them as 'conflict vehicles' due to issues like conflicted pricing, dilution of GP mindshare, and potential misalignment.
“When I hear things like CVs are the bane of my existence, there's a joke now that CV stands for conflict vehicle. Some LPs say my heart sinks when a CV request lands in my inbox. I've even heard some say CVs are going to be the death of”
“It started with the conflicted nature. That's where GPs thought that it started and ended. As I started jotting more and more down, I realized there's a lot more to this that GPs might value hearing beyond the conflicted nature of the transactions. I've come up with the top 10 reasons LPs are concerned about CVs.”