This created a large wave of what we call…

This created a large wave of what we call "GP-led secondaries." In-stead of selling all of the companies in their fund at the end of the ten-year fund cycle, managers instead created the equivalent of an "overtime" period, in which they hand-selected one or more com-panies they wanted to hang on to and moved them into a new fund called a "continuation vehicle."

— from Expanding Your Range (Growth/Change/Education/Learning/Habit) · Holy Grail of Investing: The World's Greatest Investors Reveal Their Ultimate Strategies f

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