Most continuation funds I've seen skip the investment period fees and drop straight to the reduced fees afterward so arguably they're charging less than a typical one (which makes sense bc they aren't doing the initial investment but still)

> PE isn't like a stock brokerage. No transaction fees.

Yeah I wasn't clear. I meant that the fund could continue getting fees for longer, on the same investment. Collegeburner's sibling comment explains it better, and explains why my point probably doesn't apply in most cases.