Continuation vehicles don't fit the M&A RWI template. The named insureds are different, the reps are GP-level, and the retention mechanics have to flow per-LP. Placing a policy that actually covers what secondary LPs care about takes judgment built from the inside of the deals — not a submission form.
WolfTRI's compensation is the insurer-paid commission embedded in the carrier's premium. WolfTRI does not charge an additional retail broker fee.
Three structural differences matter. Miss them and the policy looks like M&A RWI on paper but doesn't cover the risks LPs actually care about.
Not the CV itself. The secondary LPs are the direct policyholders — the parties whose capital is exposed to rep-level breach.
Portfolio company condition, valuation methodology, conflicts disclosure, fund document integrity — not target-company operating reps.
Structured so each secondary buyer has a retention proportionate to commitment. Not a single pooled deductible the largest LP absorbs.
Market is bifurcated: single-asset CVs and multi-asset CVs have different carrier appetites and different rep structures.
Most common GP-led structure. RWI wraps the GP's reps on that single asset's condition, financials, pipeline, and material contracts. Placement turns on QofE quality and advisor confirmation of valuation.
Multiple portfolio companies moved into a continuation vehicle. Reps are structured at portfolio level with asset-by-asset disclosure schedules. Underwriting is more complex; carrier appetite is narrower.
Existing LP offered liquidity at GP-negotiated price. RWI less common here but increasingly discussed where price protection on valuation is at issue. Specialist structure.
These are the rep categories that secondary LPs most often negotiate — and that the RWI policy must cover for the structure to be viable.
Accuracy of portfolio company financials, pipeline, operating metrics, and valuation methodology as of transfer.
Compliance with fund document conflicts provisions, LPAC approval procedures, and fiduciary obligations to transferring LPs.
Integrity of key portfolio company contracts, customer concentration, and no undisclosed changes in control triggers.
Adviser regulatory compliance where applicable, ERISA compliance where applicable, fund document compliance, AML/KYC program integrity.
Secondary placements are often time-constrained by the secondary investor's fund-cycle timing. WolfTRI builds the RWI process to close with the vehicle — not after it.
WolfTRI's licensed producer joins secondary advisor calls early to establish RWI as a feasible structure. Sets the negotiation floor for indemnity terms.
Once secondary term sheet is signed, WolfTRI's licensed producer submits to 3–4 carriers with secondaries appetite. NBIs within 7–10 days.
Joint call with secondary counsel, fund counsel, and carrier UW. Conflicts clearance process reviewed in detail.
WolfTRI's licensed producer aligns binder delivery with the CV closing date; inception terms reflect the negotiated policy form.
WolfTRI works with secondary advisors, GP counsel, and fund counsel to align the policy with the transaction.