Amid the dramatic growth of the secondaries industry, traditional PE sponsors are clamoring to broaden their investing platforms to add a secondaries strategy. Sponsors have different methods for achieving that growth, however, as some are organically growing secondaries platforms while others are acquiring established secondaries teams. Each approach comes with inherent benefits and risks, particularly when the structure, terms and trajectory of the secondary market is continuing to evolve at a rapid pace. An expert panel at the recent Kirkland Liquidity Solutions Academy explored the latest developments and trends in the secondary market, including in capital formation, fundraising, the growth of new platforms, potential issues for first-time secondary fund managers and economic terms. The panel also discussed how secondary funds and platforms are likely to evolve over the next few years and highlighted some trends to keep an eye on as the market matures and expands. The program featured Kirkland partners Nicole Washington and David Lenzi, as well as Pamela Hanafi, principal with TPG. This article outlines the key takeaways from the panel. For more on launching a secondaries platform, see our two-part series: “Why PE Sponsors Expand Into Secondaries and Key Pre-Considerations to Weigh” (Oct. 26, 2021); and “Unique Aspects of Fund Structuring and Information Sharing Issues” (Nov. 2, 2021).