A continuation vehicle structured to hold ONE 'crown jewel' asset transferred from the original fund — allowing the GP to hold an exceptional asset past fund-life constraints while crystallizing carry on the transferred portion. Existing LPs are offered cash exit at a negotiated transfer price or rollover into the CV (typically with new economics: 1-1.25% management fee, 10-15% carry over 7-8% hurdle, reset from original fund). Pricing typically at a small premium to recent NAV reflecting forward growth and stabilized valuation methodology. The GP-conflict (GP represents both selling fund LPs and buying CV LPs) is the defining governance challenge — institutional best practice requires LPAC approval, fairness opinion from an independent valuation firm, and competitive bid process with multiple secondary buyers.