Managers that simultaneously operate a PE fund and other types of funds (e.g., co‑investment vehicles or private credit funds) always encounter the specter of conflicts of interest. For a PE sponsor that is contemplating building a secondaries platform, the possibility that an interest in a manager’s own funds may be part of a transaction targeted by its secondaries fund poses another distinctive challenge. To help PE sponsors that are considering launching secondaries platforms, the Private Equity Law Report interviewed several experts about risks to avoid when managing those funds in parallel. This second article in a two-part series highlights conflicts of interest that a PE sponsor may encounter when raising a secondaries business. The first article described details of secondaries funds’ documentation that differ from typical PE buyout fund terms and how the market is evolving as to some of those terms. See our two-part series on avoiding parallel fund conflicts: “New SBAI Standards and Case Study Provide Guidance for Mitigating Conflicts” (May 5, 2020); and “Specific PE, Real Estate and Private Credit Issues and Mitigation Tips” (May 12, 2020).