07
Oct
Fireside chat: an honest look at GP-led continuation funds and the secondary market
As GPs look to hold to assets for longer, continuation vehicles have surged in the private equity market. Despite the market’s success, there remains a healthy debate about the potential pitfalls of these transactions. This session will take a closer look at CVs in private markets and the future of these secondaries.
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SpeakersJohn Kelley Partner Latham & Watkins
Christophe Browne Partner Lexington Partners
Tom Masthay Deputy CIO TMRS
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John K. Kelley helps investment managers navigate all aspects of their business and operations, with a particular emphasis on forming private investment funds and structuring and executing secondary transactions.
John draws on strategic know-how and keen business acumen to represent sponsors in private fund formation across a wide range of sectors and geographies. He also regularly advises on:
- Complex strategic minority and preferred equity investments
- Structuring firm ownership and operations
- Succession planning
- Spin-outs and executive transitions
- Incentive arrangements
John has extensive experience representing buyers, sellers and market intermediaries in the full spectrum of secondary transactions, including portfolio sales, direct secondaries, preferred equity financings, multi- and single-asset restructurings, tender offers, and synthetic transactions.
He also advises institutional investors on reviewing and negotiating portfolio investments and financings, including investments in private equity, credit, energy, natural resources, real estate, venture capital, and hedge funds as well as co-investments, funds of one, and separately managed accounts.
Christophe Browne is a Partner on the Secondary team primarily focused on the origination, evaluation, and execution of continuation vehicle transactions. Christophe joined Lexington in 2024 from ICG, where was a founding member of the strategic equity business serving as Managing Director and Head of North America. Prior to that, he was a founding partner at NewGlobe Capital Partners. Christophe graduated from Georgetown University with a BS in International Economics and from Columbia Business School with an MBA.
Tom Masthay serves as Deputy CIO for TMRS and is a member of its investment committee. Previously, he had roles as TMRS’s Director of Private Equity and Director of Real Assets. Prior to TMRS, he had investment roles for NextEra Energy and Kentucky Retirement Systems and began his career as a bank auditor during the GFC.
Masthay received an MBA and BBA in Finance from the University of Kentucky. Tom holds the Chartered Financial Analyst (CFA), Chartered Alternative Financial Analyst (CAIA), Financial Risk Manager (FRM) designations, is a Six Sigma Greenbelt, and has been published in the Journal of Private Equity.