Private equity fund managers are selling participations to "continuation funds" to avoid difficult exits, reveals the Financial Times.  

This is another reason to be very careful with the "standard free transfer clause" in shareholders agreements that allows fund managers to transfer shares to entities controlled by the same fund manager.  Such practices may cause management to remain "captive" in their participation, leaving the choice between (i) no exit or (ii) becoming a medium or bad leaver. 

See the article by Michael ODwyer here: "UK private equity groups sell assets to themselves as exit routes dwindle".