Continuation Funds: Governance & the SBAI Alternative Investment Standards

This paper examines the evolution of continuation funds and their role in private markets, exploring both the opportunities they create and the governance challenges they present. It outlines how the Alternative Investment Standards provide a principles-based framework for managing conflicts of interest, strengthening valuation oversight, improving transparency and disclosures, and supporting investor confidence in GP-led transactions. Drawing on market developments and a recent continuation fund dispute, the report highlights the importance of consistent governance practices in delivering fair and well-governed outcomes for all stakeholders.