The market for GP stakes transactions has grown over the last decade as GPs have reaped the rewards of newfound liquidity while investors have benefited from the steady cash flow generated by firms. An alignment of interests is a key component for successful GP stakes investments, however, and the market continues to evolve as the parties and their advisers negotiate their way toward a satisfactory balance – including creating exit opportunities for investors in an otherwise inherently illiquid asset class. As part of its Private Funds 2025: Developments & Opportunities conference, Sidley Austin hosted a panel on the current state of play and recent developments in GP stakes transactions. The program was moderated by Sidley Austin partner Joseph Schwartz, and featured his partners, Ayo K. Badejo and Andrew Colosimo; as well as Melvin Hibberd, managing director and chief investment officer (CIO) at Hunter Point Capital LP; and Michael Shedosky, co‑CIO at Azimut Alternative Capital Partners. This article summarizes the key takeaways from the discussion. For additional insights from Sidley Austin partners, see “Operational and Tax Challenges of Hybrid Funds” (Nov. 5, 2019); and “Trends in GP‑Led Secondary Transactions and Rep & Warranty Insurance” (Apr. 2, 2019).