In recent years the PE industry has simultaneously grown into a critical asset class, while also evolving in its form and application to account for micro and macro trends. This accounts for both the ample dry powder and interest among limited partners for co‑investment opportunities, as well as the reality that PE sponsors are holding investments for a shorter period of time than at any point in the last decade due to concerns about an upcoming recession. These trends and sentiments among general partners were explored by Mergermarket in a recent survey forecasting the outlook for the PE industry in 2020, the results of which were detailed in a recent report (Report) published with industry commentary from Dechert. This two-part series outlines the pertinent highlights of the Report, and this second article summarizes trends in PE fund structures based on macro trends and the status of the PE markets in Europe, Asia, Africa and other regions. The first article detailed the PE industry’s response to various micro and macro trends, as well as the growth of private debt as an asset class. For additional insights from Dechert, see “Structuring and Taxation of Carried Interest and Phantom Interests” (Jul. 23, 2019); and “Affiliate Versus Third Party Debate and Other Topics in Transfer Right Provision Negotiations” (Jul. 16, 2019).