Doc 02 — ICP & Audience
One buyer, one channel, three stakeholders — all named.
Continuum is not sold to "asset managers" in the abstract. The economic buyer is the secondaries GP. The first deployment runs through a fund administrator as the channel. LPs, the LP advisory committee, and the prudential regulator are the stakeholders the privacy and disclosure model is built for.
Primary buyer · economic decision-maker
Secondaries GPs & continuation-vehicle sponsors
GPs running continuation funds and dedicated secondaries managers who organize and close these deals. They carry the partial-close risk and the fairness obligation, so they own the budget for fixing it.
Representative firms — secondaries specialists, each managing tens of billions:
Network demand · who wants a reusable rail
Evergreen secondaries vehicles
The fastest-growing buyer cohort is evergreen / perpetual secondaries funds — they took in ~$113B of inflows in 2025, ~41% directed to secondaries, and must deploy continuously to avoid cash drag, bidding more frequently than pacing-constrained closed-end funds. They are the demand side for a rail where a buyer is onboarded once and reused across many deals. Continuum reuses the participant — its KYC, accreditation and legal wiring — never the capital, which always funds from the buyer's own balance sheet.
Channel · first point of sale
Fund administrators
Fund admins already operate the books, the cash, and the LP records for the GPs we are selling into. They are the integration surface and the relationship owner — landing one administrator reaches its entire book of GP clients. This is how Continuum reaches buyers without a cold-start problem.
Stakeholders · the privacy model is built for them
| Stakeholder | Role in the close | What Continuum gives them |
|---|---|---|
| LPs | Roll or exit; receive units or cash | A sealed election no other LP or the operator can see |
| LP advisory committee | Reviews terms and conflicts for fairness | A need-to-know disclosure window after the close |
| Prudential regulator | Observer; must be able to see, on demand | Selective disclosure — visibility without a shared public book |
| Secondary buyer | Commits capital and price | A blind commitment the exiting LP cannot see pre-close |
Why this segmentation wins
The buyer feels the pain and holds the budget. The channel removes distribution risk and gives a credible first deployment. The stakeholder set is exactly the group Canton's need-to-know privacy and selective disclosure were designed to serve — which is why the product and the audience are a precise fit, not a generic one.
Secondaries GPs, reached through their fund administrator — closing continuation deals where atomicity and per-LP privacy are non-negotiable, with standing evergreen buyers reused across deals as the network demand side.