Although the secondary market has been affected at the macro level by disruptions introduced by the coronavirus pandemic, the dynamic between buyers and sellers in those transactions has also been altered. For parties remaining interested in moving forward with secondary deals, a greater emphasis is being placed on closing conditions, risk-mitigating transaction structures and protective contract provisions. That dynamic is also manifesting in the fundraising process, as GPs of secondary funds are forced to reconsider how they engage prospective investors. A recent Proskauer program featuring partners Warren Allan, Galen R. Lewis, Jeremy Naylor and Michael R. Suppappola discussed those and other issues in the secondary market arising from the coronavirus pandemic. This second article in a two-part series identifies recent changes in deal terms to account for uncertainty during the pandemic, as well as the state of the fundraising environment and regulatory risks. The first article highlighted potential macro-level trends in the secondary market through the remainder of 2020 for industry participants to anticipate. See “Current Trends in the PE Secondary Market and Key Differences Between Europe and the U.S.” (Oct. 22, 2019).