Private equity houses themselves have become the subject of significant transactional activity in recent years. There have been mergers between sponsors, insolvency and other wind-down challenges (for example Candover and Abraaj) and challenging succession issues faced by a number of private equity sponsors that were founded in the 1980s and 1990s. The response from the industry itself has encouraged a much more liquid and creative market for secondary transactions generally, and in particular the financing of private equity sponsors and their portfolios at fund level. The panel will explore the complex commercial and legal issues involved.