It's not a "right time" argument, I've seen people place these and they're usually pitched that this is a "real winner" and there's a bunch more growth left if

It's not a "right time" argument, I've seen people place these and they're usually pitched that this is a "real winner" and there's a bunch more growth left if they stay invested. That's why they're moving towards single-company funds. And sometimes they're right tbh. And tbh there would be some other LPs cashing out the previous investors if the company was sold normally. The only LPs who take this risk are the ones who buy into the new fund. And if they're worried they should just check the GP commit, if it's thin then obv they're just pulling fees so don't invest. Some of the continuation funds the GPs actually believe they have a really good investment and they increase their commit as a %. And the increasing valuations you describe are literally the same as the public markets the past few years. No bribing audit partners required.