Private equity secondaries, involving the buying and selling of limited partner interests in private equity funds, are gaining traction due to their liquidity benefits, despite inherent challenges. Types of transactions include limited partner (LP) and general partner (GP) led deals, with GP-led transactions gaining significant traction. Key benefits include enhanced liquidity, lower prices due to forced sellers, and known portfolio contents for buyers, allowing for thorough due diligence. Challenges include illiquidity, complex valuations, and uneven cash flows. The future of private equity secondaries looks promising as investors seek creative liquidity solutions amidst evolving market conditions.