The ESSCA Alumni Private Equity Club brought together over 40 participants on November 6, 2025 at Ardian France's Place Vendôme offices in Paris, to discuss a trend in secondary private equity: the emergence of GP-Led transactions and the structuring of continuation funds.

The event kicked off with a round-table discussion moderated by François Even, Managing Partner at Arkéa Capital (ESSCA 2004), in the presence of Carole Barnay, Deputy Head of Europe Co-Investment at Ardian (ESSCA 2000), and François Collet, General Partner at ISAI (ESSCA 2004).

The round table exploredthe mechanics of GP-Led transactions, which now account for around 45% of the secondary private equity market worldwide.

Carole Barnay shared her mid & large cap expertise on single-asset operations and the criteria for identifying a " trophy asset ", while François Collet explained the specific features of the Venture Capital segment, with continuation funds generally being multi-asset funds.

Discussions also highlighted the crucial importance of aligning interests between buyers and sellers, with a focus on proven market practices: implementation of a standard sales process, external valuation, reinvestment of carried interest, and reinforced governance principles.

At the end of the round table, participants extended the discussions by sharing their experiences and exchanging ideas over cocktails.

The Private Equity Club is planning new events for 2026, and the next one is already under discussion!

For further information, please contact Antoine Amic(antoine.amic@essca.eu), Club Manager.