Unlocking Future Growth: The Rise of Continuation Funds in Private Equity

How do you back a company outperforming its own business plan? You launch a continuation fund.

Just two years after its initial investment, Ardian is preparing a secondary transaction for French HR consulting powerhouse HR Path, with Eurazeo stepping in as the anchor investor to acquire over 35% of the Continuation Vehicle (CV).

This move highlights a growing trend in the private equity landscape: using continuation funds to hold onto high-performing assets longer, providing liquidity while capturing future upside.

📊 The Numbers Behind the Growth

HR Path’s financial trajectory since Ardian’s entry is a textbook case of successful scaling through organic growth and aggressive international buy-and-build:

Revenue Evolution: Rocketed from €220m at the time of Ardian’s entry to €350m for FY26 (ended March 31, 2026) up from €290m in FY25.

Profitability: Reported a strong €68m EBITDA for FY25.

Financing Structure: The transaction is paired with a debt syndication including a €350m Term Loan B and a €70m RCF.

Global Footprint: Operating across 22 countries with recent strategic bolt-ons including RKM Consulting (Australia) and GDT Brasil.

💡 Strategic Takeaway

For secondary players like Eurazeo currently deploying its ESF V vintage co-leading CVs alongside premier sponsors like Ardian offers direct access to proven, de-risked assets with strong momentum.

As the M&A and secondary markets evolve, navigating these complex structures requires cross-border expertise and deep financial engineering insights.

💼 Planning your next strategic move? Whether you are looking to optimize liquidity, execute a buy-and-build strategy, or prepare for a corporate carve-out, M&iA combines advanced AI-driven analytics with elite execution expertise to maximize your transaction value.

📬 Let's discuss your growth or exit strategy: 🔗 m-ia.app
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