The first half of 2023 saw a drop-off in overall secondary transaction volume in private fund liquidity transactions with a specific drop-off in general partner led continuation vehicle secondary transactions (i.e., transactions initiated by fund managers or sponsors to acquire assets from existing funds using a new continuation vehicle and referred to herein as "GP-led deals"). However, an acceleration in deal volume in the secondary market is anticipated towards the back end of 2023 as public markets continue to recover and while the M&A market still remains somewhat 'soft'. Private Investment Funds partner Krishna Skandakumar, discusses private fund liquidity transactions, highlighting five of the key legal trends that have been identified in general partner led continuation vehicle secondary transactions, in Reuters.