A PE sponsor that faced the prospect of selling off assets during the initial stages of the coronavirus pandemic may have cast an envious glance at permanent capital vehicles (PCVs). As the world returns to more normal conditions, PCVs – vehicles without hard end dates or with extended durations – may retain allure for those looking, for example, to diversify into longer-term assets or to reduce the frequency of their fundraising efforts. This first article in a three-part series explores what types of vehicles the PE industry views as PCVs; why interest in them has grown; and what potential benefits they offer GPs and LPs. The second article will discuss common features of private fund PCVs and the two types commonly found in the PE space. The third article will describe some challenges with creating PCVs as private funds and strategies that can be used to overcome them. See our three-part series on permanent capital in the registered funds context: “Why Sponsors Look to Unlisted Registered Funds to Achieve ‘Functional’ Permanence Beyond Typical Private Funds” (Dec. 8, 2020); “Confronting Certain Challenges of Operating Unlisted Registered Funds, and the Appeal of Private BDCs” (Dec. 15, 2020); and “Weighing the Merits of Pursuing Permanence Through Unlisted Closed‑End Funds of PE Funds and Interval Funds” (Jan. 12, 2021).