A recent ACA Compliance Group (ACA) program examined the development of, and key considerations surrounding, the sponsor-led secondary market. The program featured Brian Mooney, managing director of Greenhill & Co., Inc, and Jami Jack, director of ACA. This article, the first in a two-part series, summarizes the panelists’ thoughts on secondary market themes and its outlook; issues that the sponsor-led secondary market addresses; and specific solutions that sponsor-led secondary transactions can provide to PE sponsors. The second article will analyze key success factors; the process and timeline of sponsor-led secondary transactions; and compliance considerations. For additional commentary from ACA, see our two-part series on its 2019 Compliance Survey: “Recent SEC Exam Experience; Common Code of Ethics Issues; Use of Senior Advisers; and Fee and Expense Allocations” (Jul. 9, 2019); and “Annual Meetings, Insider Trading Controls and Common Compliance Program Issues” (Jul. 16, 2019).