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Continuation vehicles are typically structured as limited
partnerships, with the investors (both rolling and new)
constituting limited partners in the vehicle and the GP acting as
manager of the vehicle. From a regulatory perspective, this
continuation vehicle will typically fall within one of two
regulatory categories: an alternative investment fund
(“AIF”) or a non-AIF collective investment scheme
(“CIS”).
The AIF vs. non-AIF CIS distinction can have significant
implications in terms of market access, lead times, cost,
compliance burden and, in some cases, compliance uplift. The
regulatory analysis applying to the continuation vehicle can
therefore often be a critical early step in any CV process.
In the tenth instalment of our Talking. Secondaries series, we
summarise the key concepts and some of their associated
implications.
To read this article in full, please click here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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