As an asset class, private credit has grown rapidly since the 2008 global financial crisis to fill the gap in lending options left by traditional banks. At the same time, the secondaries market has exploded in popularity, particularly as GP‑led secondaries have proven to be a viable liquidity option for both sponsors and investors. Against that backdrop, a notable recent trend has been the surge in popularity in funds offering a confluence of those two burgeoning areas of the private funds industry – GP‑led private credit secondaries funds. Although the actual number of GP‑led private credit secondaries funds may still be small compared to traditional GP‑led PE secondaries vehicles, the market is expected to continue to grow worldwide. However, sponsors that consider launching GP‑led private credit secondaries funds need to weigh some of the distinct differences of forming, launching and managing those types of funds compared to traditional GP‑led PE secondaries transactions. This article examines unique structural and transactional features of GP‑led private credit secondaries funds, including the complexities of purchase price calculations wrought by the numerous inflows and outflows of various types of private credit assets and the array of potential for conflicts of interest for sponsors to manage related to asset valuations, the sale and purchase of assets and the use of leverage. See our two-part series: “Trends in the GP‑Led Secondaries Market and Criteria for Investors to Evaluate Opportunities” (May 31, 2022); and “Pressure Points When Performing GP‑Led Secondaries, Including Valuations and Conflicts of Interest” (Jun. 7, 2022).