After a brief respite early in the pandemic, the secondary market has resumed its robust activity and, as usual, innovations in terms and structures used by parties. Although manager-led transactions garner all the buzz as the popular form of a secondary transaction, there have also been unprecedented levels of investor-led transactions. Further, investors are extending their proactive investment efforts to the co‑investment sphere, in which managers are accommodating that investor demand as a way to bridge the higher deal valuations. Those and other developments were addressed in a recent Morgan Lewis webinar featuring attorneys Jarrod A. Huffman, Oliver Rochman, Joseph D. Zargari, Catherine L. Hunter and Michael E. Nissim. This first article in a two-part series outlines trends, key purchase agreement terms and other structuring considerations in secondary transactions and co‑investments. The second article will review recent regulatory developments in the U.K. and the E.U., as well as general industry trends in the Middle East. For additional commentary from Morgan Lewis attorneys, see our two-part coverage of a panel from the firm’s Private Fund Investors Roundtable: “Strong Hedge Fund Performance and Innovative Structures” (Jan. 20, 2022); and “Tax Issues, China, Trade and Sanctions” (Jan. 27, 2022).