Although the continuation vehicle (CV) market includes myriad structures, terms and fee arrangements, the market has increasingly achieved something close to consensus on a number of best practices and negotiated terms over the past five years. Achievement of broadly understood norms in the CV market – with certain exceptions, of course – is all the more notable given that they emerged despite the growing size and complexity of CV transactions, as well as the negotiating pressures caused by the increased prevalence of deals featuring multiple lead investors. Those points come across in Morgan Lewis’ Annual Continuation Vehicles Report: Perspectives (Report) that was released in May 2026. This article summarizes and presents key takeaways from the Report’s findings – with commentary from Morgan Lewis partners Ted Craig and Joseph D. Zargari – regarding the growing size of CV deals; limits in fund durations and extensions; the range of typical types of fees; the percentage thresholds of expense caps; ongoing reductions in sponsor commitments; and the scope of key person provisions. For analysis of Morgan Lewis’ 2025 CV survey, see “Continuation Vehicle Survey Highlights Increasing Convergence on Some Terms, Vicissitudes Among Others” (May 29, 2025).