PitchBook | Europe’s Continuation Funds Surge Faces Growing Scrutiny over Asset Quality
Originally published by PitchBook on June 18, 2025
European funds are seeing an increased usage of continuation funds as general partners (GPs) seek to offer liquidity while holding onto assets. Pitchbook reports that roughly $6.1 billion has been raised in 2025 across 11 continuation funds in the region, and Jonathan Graham, Managing Director and head of Private Funds Advisory, Europe, warns that asset quality will become increasingly important as the market continues to grow.
In a recent interview with Pitchbook, Jonathan advised GPs to have a clear rationale for keeping assets in a continuation fund, as well as only retaining assets they are confident they can grow.
“There has just been a general acceptance that continuation vehicles are an important tool to be able to use, and over time, it is going to be much more widely accepted in general,” Jonathan commented. “However, when there is any kind of new strategy, there is going to be overuse of it at some point.”
Summary
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Jonathan Graham, Managing Director and head of Private Funds Advisory, Europe, speaks with PitchBook about the importance of asset quality within Europe’s continuation funds.
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Jonathan Graham
Managing Director & Head of Private Funds Advisory, Europe
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