Although the market for GP‑led secondary transactions involving PE assets has rapidly matured over the last several years, it is at a much more formative stage for private credit assets. Unique traits and features of private credit assets as compared to PE assets flow through to how GP‑led secondary transactions are structured, financed, negotiated and executed. As investor and manager interest in private credit secondaries continues to grow, however, the market will continue to coalesce into agreed terms. A program hosted by the Alternative Investment Management Association (AIMA) examined the current market for private credit secondaries, including key drivers; conflicts management and the critical role of LP advisory committees; deal structures and economics; and a step-by-step look at the typical process of launching and closing a private credit secondaries deal. Moderated by Michele Noyes, head of Americas at AIMA, the program featured Kirkland & Ellis partners Susan Burkhardt, Andrew J. Gershon and Jake Heyka; and Chae Park, senior vice president at Jefferies. This article distills the key takeaways from the program, though specific attribution of quotes is limited given that the program operated under Chatham House Rules. See “Morgan Lewis Survey Details Growing Consensus on Continuation Vehicle Fees, Expenses and Other Terms” (Jun. 25, 2026).