Pacific Equity Partners (PEP), an Australian buyout firm, is making strides in European and North American single-asset secondaries through its evergreen vehicle, PEP Gateway. Since launching in 2022, PEP Gateway has raised around A$500 million, investing 60% of its funds in global continuation funds. The firm focuses on stable, operationally-driven buyouts and has successfully participated in 20 investments in 18 months. With a growing trend in evergreen vehicles allocating to secondaries, PEP believes that continuation funds offer an attractive risk-return profile. However, educating investors about the nuances of single-asset transactions remains a challenge.