退出无门，私募基金靠延续基金“自卖自买”套现，半年交易量创历史新高

Core Insights - The private equity industry is increasingly adopting a controversial strategy known as "continuation funds" to facilitate liquidity for clients amid challenges in traditional exit routes like IPOs and external buyers [1][2] - In the first half of 2025, private equity funds utilized continuation funds to exit investments totaling $41 billion, marking a historical high and accounting for 19% of all industry sales, a 60% increase from the previous year [1] - The widespread use of continuation funds highlights the difficulties faced by the private equity sector, with over $3 trillion in unsold assets and cash returns to investors expected to be only half of traditional expectations for the fourth consecutive year [1] Group 1 - Notable private equity firms such as Vista Equity Partners and Inflexion have successfully raised significant continuation funds, with Vista raising a record $5.6 billion and Inflexion executing a £2.3 billion transaction [2] - The secondary market for trading existing asset equity has seen explosive growth, exceeding $100 billion in total transactions in the first half of the year, a nearly 50% increase from the previous year [3] - Despite the rising popularity of continuation funds, concerns have emerged among some investors regarding the potential for capital recycling, with nearly two-thirds of private equity investors still preferring traditional exit methods like company sales or IPOs [3]