GP‑led restructurings have become a prominent type of secondary transaction since their introduction merely five to seven years ago. Practitioners at the forefront of the transactions have seized on their relative nascency to rapidly introduce new structures and solutions, all while navigating conflicts of interest inherent to the GP’s fundamental role on both sides of the transaction. Those developments with GP‑led restructurings and more were discussed at length in a recent Private Equity Law Report webinar moderated by Rorie A. Norton, Editor of the Private Equity Law Report, and featuring Leor Landa, partner at Davis Polk, and Ted Cardos, partner at Kirkland & Ellis. This first article in a two-part series analyzes different ways to structure the transactions and the rising prominence of certain alternative approaches (e.g., preferred equity), as well as ways the industry is navigating attendant conflicts of interest. The second article will describe critical negotiation points for fees and expenses; issues behind the increasing use of representations and warranties insurance; and differences between transactions in the U.S. and Europe. See our two-part series “ACA Program Examines Sponsor-Led Secondary Market”: Themes, Issues and Solutions (Oct. 8, 2019); and Keys to Success, Process and Compliance (Oct. 15, 2019).