A secondary transaction initiated by the GP rather than an exiting LP, restructuring fund or asset holdings to provide liquidity to existing LPs, extend hold periods on attractive assets, or both. By 2025, GP-leds represent 40-50% of total secondary volume. Five main structures: (i) single-asset CV (crown-jewel asset sold to a new vehicle); (ii) multi-asset CV; (iii) tender offer (secondary buyer offers fixed price to existing LPs, GP-facilitated); (iv) strip sale (% interest in multiple companies sold to a secondary buyer); (v) preferred-equity secondary (secondary buyer provides preferred equity to existing fund). Central conflict: the GP stands on both sides of the transaction, mitigated by LPAC approval, fairness opinions, and competitive bid processes.