Continuation Funds in 2026: Deals and Portfolio Companies

This is the second blog in our Continuation Funds in 2026 series. The first blog, on the growth of these funds since 2018, can be viewed here and the third, on performance and the LP profile, here

As the number of continuation funds (CFs) closed increases in number, so too does the data available on the portfolio companies at their center.

GPs and LPs can now get a sense of geographic and industry concentration across the funds closed since 2018.

Preqin has a strong sample of 274 CF-tagged companies in its current dataset. Of this sample, US-based portfolio companies sit within 58.7% of single-asset and 46.8% of multi-asset funds (Fig. 9 and 10). 

Fig. 9: Nearly 60% of the companies at the center of single-asset CFs are based in the US 
Single-asset CF portfolio companies tracked by Preqin, by location

_{Source: Preqin Pro. Data as of March 2026}

Fig. 10: US dominates multi-asset CFs but Spanish, UK, and German companies command a significant share 
Multi-asset CF portfolio companies tracked by Preqin, by location

_{Source: Preqin Pro. Data as of March 2026}

For LPs, that means CFs should not be viewed as a generic secondaries allocation: the underlying exposure may deepen existing tilts to US assets and to sectors such as consumer discretionary, healthcare, and technology, rather than diversify them.

In Europe, CF activity is more diversified across countries, particularly for multi-asset CFs where countries like Spain (14), the UK (13), and Germany (9) all feature prominently.

The breakdown of CF portfolio companies by industry (Fig. 11 and 12) shows concentration around traditional private equity sweet spots. This suggests that CFs are being used to hold onto companies for longer in industries that they know and understand, rather than to break into less familiar sectors.

Looking at both single- and multi-asset funds, there are 54 companies within consumer discretionary, 47 within healthcare, and 47 within information technology – making these the three largest industry categories.

Fig. 11: Consumer discretionary, healthcare, and IT companies represent over half of all single-asset funds  
Single-asset continuation fund portfolio companies by industry

_{Source: Preqin Pro. Data as of March 2026}

Fig. 12: Nearly a quarter of all multi-asset portfolio companies are consumer discretionary 
Multi-asset continuation fund portfolio companies by industry

_{Source: Preqin Pro. Data as of March 2026}

Our portfolio company data is improving every month. The 274-company dataset represents validated CF-tagged companies based on public disclosures. Given the inherently private nature of CF transactions and variable disclosure practices, this should be viewed as directional – coverage will deepen as incremental transactions are disclosed.

Disclaimer

_{The opinions and facts included within this report do not constitute investment advice. Professional advice should be sought before making any investment or other decisions. Preqin accepts no liability for any decisions taken in relation to this report.}

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