At least for this cycle, the heyday of private equity funds seems to be over. Recent market turmoil has led some investors to consider selling their limited partnership interests in the secondary market as a means to limit exposure to future capital calls, adjust their asset allocations, increase liquidity, and reduce the number of manager relationships and the associated administrative expenses. On the flip side, other investors may see the acquisition of an existing interest in a fund by means of a secondary sale as an opportunity. As we discussed in our article “Making the Best of a Bad Situation” in the May 2009 edition of The Institutional Real Estate Letter – North America, there are significant hurdles to achieving a secondary sale transaction, such as confidentiality restrictions, third-party approval requirements and rights of first offer held by other fund investors. This article focuses on some common pitfalls buyers face once the initial hurdles to accomplishing a