Graham Partners is executing a mid-market single-asset continuation fund deal to extend its investment in Gatekeeper Systems, acquired in 2019. This move is part of a broader trend in GP-led continuation processes aimed at generating distributions amidst sluggish exit activity. Bain & Co reports that the number of portfolio companies in large buyout funds has doubled over the last decade, impacting fundraising capabilities. The Gatekeeper deal is valued at $400-$500 million, allowing investors in Graham’s fifth fund to cash out or reinvest. Last year’s secondaries market reached $162 billion, with GP-led transactions constituting $75 billion.