Continuation fund
A continuation fund is a new vehicle, run by the same general partner, that buys one or more companies from an older fund so the manager can keep owning them after the original fund's term. Existing limited partners choose between taking cash and rolling their stake into the new vehicle, and secondary investors supply the capital to buy out those who sell. Because the manager sits on both sides of the trade, the price is usually supported by a fairness opinion or a competitive bidding process.
In DFX data
The private equity graph classifies secondaries and continuation fund managers as their own group, counted on the coverage page.