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Continuation vehicle: roll or sell

An LP in a 2017-vintage direct lending fund gets a continuation vehicle election notice with 20 business days to choose: sell at the offered price or roll into the new vehicle.

Credit secondariesDirect lendingSample data · real docs confidentialVendor + in-house
INPUTCV election docs and old fund termsAI STEPSExtract election terms · Compare old vsnew · Flag scope limitsOUTPUTSide-by-side of fees, terms and scopeHUMAN CHECKRoll or sell

Today vs automated

TODAY
  1. Read the election noticeAssociate · manual
  2. Compare fees and termsAssociate · manual
  3. Check the loan listVP / counsel · manual
  4. Email / meeting hand-offAssociate → VP / counsel
AUTOMATED
  1. A continuation vehicle election notice arrivesTrigger: starts on its own
  2. Extract election termsAutomated · Document parser
  3. Compare old vs newAutomated · LLM
  4. Flag scope limitsAI draft, human review · Model template
  5. Roll or sellApprove / override · VP / counsel

AutomatedAI draft, human reviewHuman onlyTools: Data room, Document parser, LLM, Model template

Estimated valueestimate

20–220 analyst hours a year
$3k–$54k of time, vs an assumed $20k–$100k tool cost

Net: −$97k to $34k a year net of tool cost; at the low end of the assumptions it does not cover the tool cost.

Manual10–20 h per CVWith AI2–5 h per CV, review included
Assumptions
  • 10–20 analyst hours per CV today; 2–5 hours with an agent, including review
  • 4–12 CVs a year for one team
  • $150–250 per hour loaded cost
  • Tool or build cost $20,000–100,000 a year (both)

Estimate, based on the assumptions shown; your numbers will differ. How we estimate

What else it can do for the team

  • Draft the LPAC questions
  • Compare the CV loan list with the latest marks
  • Flag fee resets and new carry
  • Summarise the election deadline steps
  • Log the decision rationale
How you get thereFour steps from prompting to an agentic workflow; most teams start at step 2.
1 · PromptingAn analyst asks a chat tool about one CV.
Needs: an approved AI tool, a confidentiality policy.
Risk: unchecked answers, data pasted outside policy.
2 · WorkflowA fixed pipeline extracts the same fields into your template every time.
Needs: field definitions, a template, document parsing.
Risk: breaks silently when formats change.
Typical starting point
3 · AgentIt watches the inbox or data room, runs the checks and drafts the output.
Needs: inbox/doc-store access, system write-back, logging.
Risk: acting on a misread; needs review gates.
The automated lane above
4 · Agentic workflowSeveral agents work across the deal or book; people approve exceptions.
Needs: shared data model, permissions, audit trail, exception queue.
Risk: errors compound across steps; needs monitoring.
Solution optionsBuy, build or hybrid, with the trade-offs of each.
Buy
No vendor verified for this workflow in our directory yet.
Fastest start; you adapt to the product's data model and pricing.
Build
An LLM API, a document parser, a vector or document store, your data warehouse, and a review queue.
Fits your definitions exactly; you own maintenance and controls.
Hybrid
Vendor extraction feeding your own checks, templates and systems.
Common middle path; two things to integrate and govern.

Listing is not endorsement.

What changes for the team10–20 h → 2–5 h per CV (estimate); coverage goes from the sections someone had time to read to every clause and schedule checked against the term sheet.
ROLESAssociates move from reading and retyping to checking cited exceptions.
CYCLE TIME10–20 h → 2–5 h per CV (estimate)
COVERAGEFrom the sections someone had time to read to every clause and schedule checked against the term sheet.
CONTROLSEvery output cites its source; approvals and overrides are logged.
How it works

Full title: Continuation vehicle diligence: roll or sell? An agent reads the CV docs and the loan book for LPs

“20 business days, a price at 96% of a stale NAV, and a carry reset. The agent found all three on pages 4, 31 and 58.”

Scenario

SAMPLE: an LP in a 2017-vintage direct lending fund gets a continuation vehicle election notice with 20 business days to choose: sell at the offered price or roll into the new vehicle.

What the human still decides

Roll or sell. The memo lays out the terms and the evidence; the LP decides, with counsel on conflicts.

Why it matters

Credit continuation vehicles are now routine wind-down tools for old drawdown funds: Bridgepoint (€1.2bn), PennantPark ($745m), and a reported Partners Group process in September 2026 alone.

What the record shows

Checked 2026-10-15.

Credit continuation vehicles are now a repeat product: Bridgepoint moved about €1.2bn of commitments from Bridgepoint Direct Lending II (2017 vintage) into a Pantheon-led CV, the same day PennantPark was reported raising $745m for a Pantheon-led credit CV, and Partners Group is weighing an ~$800m vehicle from its 2018/2020 credit funds. The roll-or-sell question is a loan-by-loan mark question on aged books.

Try it: prompt and data
From this SAMPLE continuation-vehicle election pack, extract the price, NAV date, deadline, default election, fee and carry terms, and the fairness opinion's scope limits, each with page cites. Compare them with the original fund terms. Do not recommend roll or sell.

Data

Method shown on SAMPLE data. Real portfolios, trustee reports and data-room files are confidential: run on approved internal tools only, never paste into a public AI tool.

Who uses it, vendors and build
Segments
Credit secondaries, Direct lending
Who uses it
LP investment team, Secondaries buyer, Fund counsel
Build
Vendor + in-house
In-house
Document comparison plus loan-list checks. Estimate: 2–3 weeks.
Last verified
2026-10-15

Vendors that claim this capability

  • No vendor claim verified for this workflow yet.

Tags reflect each vendor's own public claims at the linked page (checked 2026-10-15). Not tested, ranked or endorsed.

Sources and related
In the news.

Part of the deal lifecycle: stage 2 of 7, Underwriting.

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Not investment advice. Names marked SAMPLE are fictional. Found an error? See the corrections log.