Conflicts of interest are a perennial SEC priority. To assist advisers in identifying and mitigating conflicts, a panel of senior private fund in-house counsel at the PLI Advanced Issues in Private Funds 2023 program took an in-depth look at the most common conflicts of interest faced by private fund managers and the ways managers mitigate those conflicts. The panelists drew from their firms’ experiences in addressing expense and investment allocations; valuation; exposure to different levels of a company’s capital structure; transactions with affiliates; and side letters. The program featured Marisa J. Beeney, senior managing director at The Blackstone Group and GC of Blackstone Credit; Scott Black, chief legal officer and CCO at Hudson Bay Capital Management LP; and Kelly M. Pettit, managing director, CCO and assistant GC at General Atlantic Service Company. This article summarizes their insights. See “SEC Reiterates Standards of Conduct for Advisers and Broker‑Dealers As to Conflicts” (Sep. 29, 2022).