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Double-down funds don’t pose an immediate threat to the continuation fund market, but they are a reminder of the need for secondaries funds to justify their fees.

The Wind Point deal marks the first wave of continuation fund deals on continuation funds. Sponsors must have a doubly compelling case the second time around.

First-half figures suggest another record-breaking year for secondaries deal volume, despite softer pricing and lower LP take-up in GP-led deals.

The fact that Apax Partners shelved plans for its GP-led secondaries process shows that LPs desire a genuine 'do nothing' option.