Secondaries, Continuation Vehicles & Complex Exits
The hardest transactions rest on volumes nobody can reread: years of contracts, board materials, ledgers, and email, accumulated by people who have since moved on. Cerenovus reads all of it. It finds what a buyer would find, the commitments past deadline, the duplicate spend, the gap between the marks and the ledger, and rebuilds the history into one time-aware model with receipts, so a claim about 2019 traces to a document from 2019. What the record cannot support, it says so plainly.
Designed for
GP-led and LP-led secondaries teams, continuation-vehicle sponsors, tail-end managers, exit planners, and the advisers who work these transactions.
Years of contracts, ledgers, and board materials read end to end, and every issue a buyer would find surfaced first, with receipts.
Industry loop
How the work runs
Each stage below ends with something you can inspect: the finding, its source, and its owner.
Industry-specific operating detail
Reconstruct the asset's history
A GP-led process starts with a problem the fund knows well: the asset has been held for a decade and the people who lived its history are gone. Cerenovus reads whatever record survives: fund reports, board minutes, old models, the company’s ledgers, the email archives.
Exit planners and secondaries teams work from the documents, because the documents are what remain. The reconstruction begins the day the record connects.
Reconcile a decade of records
Ten years of records rarely agree with each other. Cerenovus reconciles them into a cited, time-aware account: every fact traces to a verbatim quote with page-level anchors, and a quote that cannot be found in a source never enters the record.
Old conflicts resolve by evidence. A signed agreement beats a later hearsay note about it, and a genuine tie surfaces as a dispute rather than a silent pick. The reconstruction is checkable line by line.
Recover the commitments made
The commitment ledger reconstructs who promised what, to whom, by when, from the source lines themselves. A promise past its deadline with no fulfilling event surfaces as a broken commitment, even when its author left years ago.
For a continuation vehicle, this matters twice: once for what the fund owes its existing LPs, and once for what management told prior boards. Both sit on the record with their dates and their sources.
Surface what the buyer will find
Before the process opens, Cerenovus runs the buyer’s read: it sweeps the full history for dormant vendors that reactivated, receivables that aged past their pattern, obligations that stopped being honored during the hold.
Every red flag surfaces while there is still time to deal with it. A problem found before the process is a workstream; a problem found by a bidder is a price adjustment against NAV.
Paper the claims that hold
The claims that will carry the transaction get papered: each one tied to a verbatim quote, a dated source, a page-level anchor. Claims the record cannot support are known before a bidder tests them.
For a GP-led transaction where the sponsor sits on both sides, this is the fairness question in practice. The NAV the vehicle prices against rests on claims anyone in the process can check.
Challenge every finding first
Every finding is challenged before it enters the process. Its claims are checked against the sources, its weaknesses tested, and anything unresolved goes to a person for review. Nothing is silently dropped.
In a transaction where trust is the constraint, every dollar figure carries its calculation and its sources, and anyone in the process can check the numbers line by line.
Answer diligence under the clock
Buyer questions get answers with receipts. Every claim opens downward until the original document, so diligence follow-ups resolve in hours instead of stalling the timetable.
The coverage report states what share of the record has been read and what remains genuinely unknown. A gap declared early is a manageable item, and the report makes every gap visible before a bidder finds it.
Close with the history proven
The record built for the transaction outlives the transaction. The continuation vehicle or new owner starts with the full reconstructed history, receipts attached, instead of a closing binder.
The next liquidity event starts from here. Nobody reconstructs this asset from memory again.
Where Cerenovus creates the most value
A decade of records read, no matter the volume
Cerenovus reads whatever record survives: fund reports, board minutes, old models, ledgers, years of email archives, volumes no deal team could read before the process opens. It rebuilds the asset’s history in a time-aware account, every event tied to its dated source. Exit planners and GP-led teams work from proof, because the people who made the commitments are gone.
Red flags found before a bidder finds them
Cerenovus sweeps the full history for what a buyer’s diligence would find: dormant vendors that reactivated, receivables aged past their pattern, obligations that stopped being honored during the hold. A coverage report states what share of the record has been read and what remains genuinely unknown. Every gap becomes a managed item early, instead of a price adjustment against NAV late in the process.
Buyer questions answered in hours, not weeks
Every claim in the record opens downward until the original document, so diligence follow-ups resolve from the record instead of waiting on people who left years ago. The NAV the continuation vehicle prices against rests on claims anyone in the process can check. The timetable stops depending on memory.
Relevant Cerenovus mechanisms
Why the findings hold up
Each capability links to how it works.
- 01Time-aware recordIdentity and relationship resolution
- 02Commitment trackingSource, coverage, and version history
- 03Conflict adjudicationConflicts, uncertainty, and current status
- 04Entity resolutionIdentity and relationship resolution
- 05Coverage reportingProcess and dependency reconstruction
- 06Drill-down citationsDecisions, issues, and downstream effects
Where to go next