In December, Warburg Pincus launched a $2.2 billion continuation fund, primarily capitalized without external advisers, signaling a trend towards DIY continuation vehicles. Warburg’s internal team, experienced in raising over $6 billion since 2017, aims to secure attractive terms for investors. Despite the advantages of in-house fundraising, the complexity of continuation vehicles often requires external advisers for conflict mitigation and market transparency. While larger firms may manage DIY models, the need for intermediation limits widespread adoption. Growing competition in the single-asset continuation market sees traditional buyout firms entering, leveraging their investment expertise to capitalize on this new asset class.