While many developments affecting the PE industry are initiated by outside actors (e.g., the SEC and Congress), there has been an evolution of terms, structures and practices that compliance professionals must also be prepared to grapple with in the coming year. There continue to be innovations in fee arrangements as general partners (GPs) attempt to accommodate limited partner demands, as well as a rapidly changing – and growing – secondary market. The Private Equity Law Report recently interviewed Davis Polk partner Leor Landa about potential PE industry trends that general counsels (GCs) and chief compliance officers (CCOs) should expect in 2020. This second article in a two-part series examines trends in structuring management fees and carried interest; the growth and evolution of GP-led transactions; and a handful of critical items that GCs and CCOs should monitor (e.g., cybersecurity and information privacy). The first article described areas of intrigue in SEC examinations; regulatory developments impacting the industry; and compliance areas that should be top-of-mind for GCs and CCOs. For more on what to expect in the PE industry in 2020, see our two-part series: “Identifying Investment and Exit Strategy Trends” (Dec. 10, 2019); and “Forecasting Fund Structures and Global Market Growth” (Dec. 17, 2019).