As the recent market crisis has unfolded, one area of the private equity landscape that commentators suggested would inadvertently benefit from the market conditions was secondary funds and their limited partners (LPs). The reality to date appears to have been somewhat different, with very few transactions clearing the market (at the time of writing) due to a continued dislocation between buyers and sellers pricing expectations. The purpose of this paper is to explore this dynamic and consider the prospects of the secondary market moving forward.