The PE industry found itself in a bit of a holding pattern in 2024 due to high interest rates, slow fundraising and a general lack of liquidity in the markets. That slowdown presented sponsors with an opportunity, however, as they could use the period to reconsider certain terms and disclosures that would benefit LPs, as well as different approaches to optimizing new types of capital – namely, the secondary market and retail capital. The result is an industry well-positioned to move forward in dynamic, exciting ways if the anticipated softening of the dealmaking environment is realized in 2025. To help sponsors get a strong start to the new year, the Private Equity Law Report interviewed Debevoise partners Justin Storms, Julie Riewe and Marc Ponchione. This second article in a two-part series evaluates the latest trends in GP‑LP negotiations, sponsors’ efforts to access retail capital, and compliance practices for GCs and CCOs to prioritize in the new year. The first article considered how the incoming Trump administration will impact the SEC’s rulemaking efforts, as well as the nature and focus of the Commission’s examination and enforcement practices in 2025. See our two-part series “Tips for Creating an EOY Compliance Checklist”: Part One (Oct. 31, 2024); and Part Two (Nov. 14, 2024).