Sarah Farrell

Sarah Farrell is a Managing Principal and Head of Private Equity for Europe and Asia at Allstate, one of America's largest insurance companies. As a sophisticated LP, she offers candid insights into how institutional investors navigate continuation vehicles—from governance concerns and valuation conflicts to the practical decision of whether to roll or take liquidity. Farrell serves on the ILPA board and is a leading voice for LP-friendly CV structuring standards in the global private capital market.

• Lp decision-making framework for continuation vehicle roll or sell decisions
• Conflict-of-interest governance in GP-led secondary transactions
• Valuation and fairness opinion limitations in continuation vehicle processes
• Importance of independent third-party pricing and LPAC consultation
• Ilpa guidance and LP protections in continuation vehicle structures
• Deal-killer terms that make a CV unattractive for institutional LPs
• Cvs squared and what they signal about private market maturity
• Evergreen and perpetual capital vehicles and their secondary market role

Liquid Courage Episodes

• Continuation Vehicles are Here for Good, but are LPs Ready to Roll?2026-04-19