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The Continuation Vehicle Era: Why Team Strategy Is Mission-Critical for Growth and Exit Success

By Tom Fennel | August 28, 2025

As the private equity landscape evolves, continuation vehicles (CVs) are emerging as a powerful mechanism for creating liquidity while doubling down on portfolio winners.

Tom Fennel

Tom Fennel

Tom is a Vice President on the Private Equity Partnerships team at Bespoke. Based in Boston, MA, joining the firm in May 2025. Prior to Bespoke, he worked for Revenue Analytics as a VP of Sales where he provided commercial excellence and pricing software to PE backed companies.

Tom spent eight years at Catalant leading the in PE practice supporting sponsors across the investment lifecycle with interim and fraction talent supporting across a variety of due diligence workstreams and supporting portfolio company talent needs. Prior to Catalant, he led the sales team at Termgrid, a leverage finance software tool supporting leading PE sponsors.

Tom has his B.A. in Finance from Merrimack College, where he was captain of the Lacrosse team.

In his spare time, you can find Tom spending time with his wife and daughters skiing in Vermont or enjoying the beach in Cape Cod.