A recurring theme in 2025 in the world of private equity is “keeping the wolf from the door”. For companies on the brink of running out of money, that manifests through the increasing popularity of so-called liability management exercises, where zombie companies are temporarily kept upright by tapping bountiful debt markets and strong-arming investors. For companies in private equity portfolios that are not quite hobbled but not exactly thriving either, there are continuation vehicles. These are new funds created by the same private equity sponsor that can purchase a business when the original fund is at its contractual end. A way, in effect, of keeping a promising company in the fold. READ MORE