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

by Tom Fennel, Vice President, Private Equity Partnerships at Bespoke Partners

August 28, 2025,,,,

The Continuation Vehicle Era Why Team Strategy Is Mission-Critical for Growth and Exit Success (1)

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

For sponsors, CVs offer a unique opportunity to re-underwrite value — and for management teams, a fresh mandate to deliver.

But beneath the financial mechanics lies a newly defined value creation plan (VCP), often centered on unlocking growth through fresh strategic levers. Whether scaling organically or through acquisition, success may hinge on a reimagined leadership team, one equipped to lead the business through its next chapter of transformation and value expansion.

Continuation Vehicles: Rewriting the Talent Narrative

A look across a broad sample of recent continuation vehicle (CV) transactions, a striking trend has emerged: more than half of the companies involved underwent significant C-level transitions within months of the CV closing. These were not surface-level adjustments; they represented deliberate, strategic moves to strengthen leadership and accelerate execution.

We’re seeing new CEOs brought in with proven experience operating at the scale the “new” business is expected to reach, and they’re being tasked with driving transformation from day one.

CFOs are being hired to elevate the finance organization, often through robust upgrades to FP&A capabilities and financial rigor. With topline growth as a primary value lever, sponsors are also turning to CROs who can accelerate organic revenue and execute against ambitious growth targets.

These leadership changes reflect a clear sponsor mindset in those cases: continuation vehicles aren’t about maintaining the status quo; they’re about reinvesting in potential and unlocking new levels of growth.

Snapshot of Trends Observed:

  • Over 50% of companies experienced CEO or CFO changes post-CV.
  • Roughly one-third introduced new operational leaders — including COOs, CTOs, and CMOs.
  • Several others are still early in their CV lifecycle, with leadership transitions likely on the horizon.

Takeaway: Continuation vehicles aren't only a second chance for capital — they frequently mark a strategic inflection point that calls for refreshed leadership to realize the full value of the next chapter.

Why the Team Build Matters and Why It Works

Continuation vehicles offer a clean slate. The company may retain its legacy investors, but it's often entering a new phase of scaling — new markets, new product lines, and renewed pressure on profitability and governance.

That’s where Bespoke Partners comes in.

We specialize in full team builds for growth-stage and turnaround scenarios — and we’ve delivered, time and again. From recruiting transformational CEOs and strategic CFOs to layering in the operational talent that drives scale, we bring a rigorous, results-driven approach to executive team development.

Our Track Record Includes:

  • Building full C-suites post-CV for software and SaaS companies.
  • Successful CEO and CFO placements that unlocked exit value in the targeted timeframe.
  • Alignment of leadership strategy with sponsor expectations and value creation plans.

Talent Strategy as a Value Creation Lever

When a CV is deployed, sponsors are making a strong bet on future performance and that future depends heavily on who’s leading the charge. Investors need leadership teams that can:

  • Navigate the complexity of extended hold periods.
  • Execute on new growth mandates or turnaround plans.
  • Build a scalable organization that can support multiple expansion vectors.

This is the time for reinvention.

We believe that the right leadership team is the ultimate growth engine and we’ve proven it across multiple CV-backed transformations.

Final Thoughts: Full Team Build ≠ Hiring — It’s Strategic Renewal

For sponsors deploying continuation vehicles, talent strategy should be a top priority, not an afterthought. Whether it’s replacing a legacy CEO, retooling the finance function, or layering in go-to-market leadership, the right team can unlock the next chapter of growth and maximize enterprise value.

At Bespoke Partners, we architect leadership teams for scale, turnaround, and success — especially in the nuanced world of continuation vehicles.

If you’re managing a CV or planning one, let’s talk about how we can help you align talent to your next chapter.

Want to see our success stories?

Reach out to learn how we’ve partnered with sponsors to deliver full-team builds that drive outcomes.

 

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Authored by:

  • Vice President, Private Equity Partnerships

    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.

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