PEP Gateway’s $1 billion in recycled private equity assets proves continuation investor cynics wrong

It’s easy to be cynical about private equity firms selling assets to themselves via continuation funds, but these funds are turning into big business.

The biggest continuation investor in the country is PEP Gateway, run by the almost 30-year-old Pacific Equity Partners in Sydney, which raises money from lawyers, doctors and other wealthy individuals and family offices, then pools and invests it into PE-controlled companies.

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