Private Debt Investor, July/August 2026 Lead Story: “Why Continuation Vehicles Offer a Potential Mismatch”

The July/August lead story examines the rapid growth of credit continuation vehicles and the governance, conflict-of-interest, and valuation questions they raise. Marblegate’s Andrew Milgram offers a pointed view: when a continuation vehicle is used to extend credit that cannot be refinanced, it amounts to a tacit admission that the underwriting or the pricing was wrong. In his words, that is not value creation but “a default with better branding.” His comments anchor the piece’s broader concern that managers are increasingly reaching for private-equity-style tools to manufacture liquidity for LPs.

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