Continuation vehicles (CVs) have “moved from a niche secondary strategy to a mainstream exit path, but the legal execution has not gotten any easier,” observed Steve Bielecki, senior legal engineer at Ontra. “Recent high-profile litigation has put GP conflicts and LP consent processes under fresh scrutiny,” and every CV has unique LP advisory committee dynamics and limited partnership agreement (LPA) and side letter negotiations to navigate, he added. During a program devoted to the issues and challenges sponsors face during the CV deal process, Bielecki, together with Fried Frank partner Andrew Rearick and DLA Piper partner Adam S. Tope, examined initial steps sponsors take to prepare for a CV transaction; complications when communicating with existing LPs; challenges sponsors face when navigating consents, LPA amendments and conflicts of interest; and the timing and logistical obstacles that arise when closing the deal. This article discusses the key takeaways from the presentation. See “Morgan Lewis Survey Details Growing Consensus on Continuation Vehicle Fees, Expenses and Other Terms” (Jun. 25, 2026).