Re-Underwrite — Continuation Fund Diligence

The continuation vehicle's price rested on the GP's forward growth case for an asset the GP had held for years. The incoming investor needed to independently test whether the remaining runway was real — from customers, competitors and end-market experts who had no stake in the roll-over closing at the sponsor's preferred mark.

• +Anchored the calls to the GP's forward thesis, testing each growth driver against independent evidence
• +Sourced eleven experts across the asset's customers, competitors and its end-market
• +Deliberately used sources with no relationship to the sponsor to keep the read genuinely independent
• +Compared the operator view of remaining runway against the GP's projections, driver by driver

• +An independent read on each pillar of the GP's forward growth case
• +A customer and competitor view on how much runway the asset genuinely had left
• +A clear map of where the independent evidence supported the GP mark and where it didn't

• +The investor priced the roll-over off its own re-underwrite rather than the GP's projections
• +Two of the GP's growth drivers held up independently; a third was discounted in the pricing
• +The re-underwrite format became the investor's standard diligence on single-asset GP-led deals

This is a representative, anonymised composite of a typical private equity engagement. Client identity is removed and the figures illustrate the format and scale of the work — they are not a record of a single named mandate. Every expert call is scoped to general market knowledge, screened for material non-public information before findings reach a deal team, and documented for audit. See our compliance framework for full detail.