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 GP‑led transactions garner all the buzz as the popular form of a secondary transaction, there have also been unprecedented levels of LP‑led transactions. Further, LPs are extending their proactive investment efforts to the co‑investment sphere, in which GPs are accommodating that investor demand as a way to bridge the higher deal valuations. Those and other developments were addressed in a Morgan Lewis webinar featuring Morgan Lewis 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 discuss 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, see “Separating the Signal From the Noise to Identify Trends in PE Structures, Processes and Terms” (Nov. 17, 2020).