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Continuation Fund Evaluation Report

Create an LP continuation fund evaluation report covering the asset, valuation, rollover or cash-out decision, conflicts, governance, economics, alternatives and recommendation. Evaluate a GP-led continuation fund transaction through valuation, alignment, conflicts and the LP election decision.

Open the interactive Continuation Fund Evaluation

What this generator covers

  1. Executive summary
  2. Assets transferred
  3. Manager assessment
  4. Legacy performance
  5. Valuation & cash-out option
  6. Continuation-fund structure
  7. Forward investment case
  8. Returns & sensitivity
  9. Conflicts & process integrity
  10. GP alignment & economics
  11. Governance & LP protections
  12. Liquidity impact
  13. Alternatives & election analysis
  14. Key risks
  15. Election conditions
  16. Recommendation

Inputs used by the document

  • Transaction & election: Transaction, Manager, Existing fund, Assets transferred, Continuation fund size, LP election considered, Cash-out option, Rollover option
  • Valuation & underwriting: Valuation evidence, Asset performance, Forward investment case, Expected return, Downside sensitivity, Alternatives considered
  • Alignment, conflicts & decision: Conflicts process, GP alignment, Governance & terms, Liquidity impact, Key risks, Election conditions, Recommendation

01

Executive summary

Fund Manager proposes Proposed Continuation Fund, transferring Two mature software businesses representing 31% of legacy-fund NAV. The LP election under consideration is to roll 100% of the existing interest.

02

Assets transferred

Two mature software businesses representing 31% of legacy-fund NAV

03

Manager assessment

Fund Manager will retain control of the assets through the continuation vehicle. Review team continuity, operating plan credibility and alignment with both selling and new investors.

04

Legacy performance

Legacy Fund IV: Lead asset grew ARR 19% year-over-year with 29% EBITDA margin; second asset is completing a pricing and sales-force reset.

05

Valuation & cash-out option

Cash consideration at $248m enterprise value for the lead asset. Evidence considered: Independent fairness opinion, strategic-buyer indications and sponsor-led value-creation case.

06

Continuation-fund structure

$780m including new primary capital. Tax-deferred rollover into the continuation fund on the same economic terms as new investors.

07

Forward investment case

Further international expansion, enterprise upsell, margin improvement and add-on acquisitions over a four-year hold

08

Returns & sensitivity

Expected return: 2.1x gross MOIC and 19% gross IRR from rollover value over four years. Downside sensitivity: 1.2x gross MOIC if growth falls to 7%, margins stall and exit multiple compresses by two turns.

09

Conflicts & process integrity

LPAC approved the process; independent advisor ran a buyer outreach; valuation committee reviewed conflicts and fairness opinion

10

GP alignment & economics

GP rolls 85% of existing carry and contributes $20m of new capital; economics reset to 1.25% management fee and 15% carry

11

Governance & LP protections

Quarterly reporting, LPAC oversight, key-person protections, no-fault rights and customary conflict controls

12

Liquidity impact

Rollover defers $31m of expected near-term distributions but avoids reinvestment risk at a potentially discounted sale price

13

Alternatives & election analysis

Accept cash, partial rollover, seek LP-led secondary liquidity or request sale to a third party

14

Key risks

valuation optimism, extended hold period, asymmetric information, conflict management and concentration in the lead asset

15

Election conditions

Confirm final fairness opinion, buyer-process disclosure, tax analysis and governing-document protections

16

Recommendation

Roll the existing interest, subject to the stated election conditions and no material change in valuation or economics

How to use this document generator

Review the example assumptions, replace them with information from your own investment process, and check every statement against the governing documents and source data. The interactive version updates the draft immediately and can export it to Word or PDF without a login.

Template transparency

Draft status

This template creates an editable first draft. Review every statement against source data and governing documents.

Privacy and export

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Scope

This is a practical starting point, not legal, tax, or investment advice.

Template 1.0 · Reviewed 13 August 2026