A new fund vehicle created (by the same GP) to purchase one or more 'crown jewel' assets from an older fund, providing the GP extended hold beyond fund-life constraints while crystallizing carry on the transferred portion. Existing LPs are offered (a) a cash exit at a negotiated transfer price, or (b) a rollover into the CV on the same or new economic terms. New secondary buyers provide the cash for the exit option. The GP stands on both sides of the transaction (selling fund vs. CV) — the central conflict-of-interest in GP-led secondaries, mitigated by LPAC approval, fairness opinions, and competitive bid processes. By 2025, GP-leds represent 40-50% of secondary volume.