Glossary Β· Regional
GP-led continuation fund
Definition
A structure where a fund manager moves one or more prized portfolio companies into a new vehicle, giving existing LPs the choice to cash out or roll into the new fund while the manager keeps holding the asset longer.
Why it matters for a secondary
China GP-led continuation vehicles closed 5 deals in 2025, up from 1 in 2024 β the fastest-growing structure in the region, and the mechanism behind HSG's ByteDance vehicle, one of the largest tracked here.
Frequently asked questions
Does "GP-led continuation fund" apply the same way everywhere in Asia-Pacific?
No. Each market in this glossary has its own regulator, corporate forms, and rules β this term is specific to Regional. Check the linked market page for the fuller picture.
Is this legal or financial advice?
No. This is orientation for investors and allocators, not legal or financial advice. Confirm current rules with a licensed adviser in the relevant market before acting on anything here.