As the coronavirus raged in 2020, PE firms were forced to react quickly and adjust their business practices to the pandemic’s many consequences. The industry has since stabilized, but normalcy has yet to return. GPs continue to face market, political, societal, tax and regulatory uncertainty. The PE industry as a whole remains tremendously resilient despite those many challenges, which is reflected in the surge in the fundraising market in H1 2021. According to Preqin, $230.9 billion was raised globally in Q2 2021, up 29% from $163.7 billion in Q1 2021 and up 53% from $109 billion in Q2 2020 during the early stages of the pandemic. In a guest article, Paul Weiss partners Victoria S. Forrester, Matthew B. Goldstein and Marco V. Masotti present some notable results and trends from their private funds group’s annual survey of the key terms of a select group of recently raised PE funds. Specifically, the survey revealed the recent growth of GP‑led secondary transactions; trends in the fund financing space; increased use of recycled proceeds provisions; and more widespread utilization of operating partners by PE firms. For coverage of other recent PE surveys, see “Notable Takeaways From the EY 2021 Global PE Survey
” (Mar. 30, 2021); and “Dechert and Mergermarket 2021 Global PE Outlook: Global Trends, Deal‑Making Issues and Strategies to Adopt (Part Two of Two)
” (Feb. 2, 2021).