The rapid evolution of private fund secondaries has transformed the market into a dynamic ecosystem, marked by new asset classes, innovative deal structures and the influx of both specialized and retail capital. As private credit, real estate, infrastructure and venture capital carve out significant spheres of influence, the market is no longer tethered solely to traditional PE. Expanding secondaries to each of those asset classes brings different challenges and obstacles, however, in addition to the benefits that inure to sponsors and, most importantly, investors. In addition, the sophistication of continuation funds and the rise of evergreen vehicles have broadened access, diversified participation and refined the ways that investors can engage with private assets. Meanwhile, the willingness of primary investors to participate in syndicates and staple commitments underscores the increasing interconnectedness of primary and secondary transactions. In a guest article, Goodwin Procter partners Michael R. Halford and Jacqueline Eaves highlight those latest trends in the growth, evolution and, to some extent, future of the secondaries market. For additional insights from Eaves, see “Emerging Trends in the Evolving Continuation Fund Market” (Jul. 12, 2022).