As secondaries transactions have become an essential liquidity tool for many fund managers, the products continue to evolve in exciting ways and, not coincidentally, so do the related challenges. For example, co‑investment opportunities have always been rather popular with LPs, but now managers have to figure out how to optimize strategic co‑invest arrangements and avoid the risk of potential disintermediation. Also, firms are forced to grapple with the rising demand for secondaries expertise in terms of related challenges from diversifying their platform offerings (e.g., information sharing risks) and acquiring talented personnel. To discuss some of those and other recent developments in the realm of secondaries fund formation and product expansion, Kirkland & Ellis hosted a panel at its 2023 Liquidity Solutions Summit of chief legal and compliance officers at several prominent PE sponsors. This article summarizes the key takeaways and insights from the discussion. For coverage of a Kirkland & Ellis’ 2022 Liquidity Solutions Academy, see our two-part series on hybrid M&A single-asset transactions: “Notable Benefits From Parallel M&A and Continuation Fund Deals” (Nov. 17, 2022); and “Complications to Consider and Negotiating Points to Navigate” (Dec. 1, 2022).