Amid the seismic changes in the PE landscape in recent years, an expert panel at the Practising Law Institute’s (PLI’s) “Twenty-Third Annual PE Forum” took the opportunity to benchmark the current state of PE terms and dynamics between GPs and LPs. The program was moderated by Paul Weiss partner Amran Hussein and featured Stephanie R. McCavitt, GC at EagleTree Capital; Kelly Labritz, of counsel at Covington & Burling; and David Klein, global co‑head of the private fund group at Credit Suisse. This second article in a two-part series summarizes the panelists’ observations about current negotiations of key PE terms such as management fee rates, access to co‑investments, flexibility for future GP‑led transactions, limits on recycling and the breadth of side letters. The first article detailed their insights on the current fundraising landscape; the impact of the growing focus on environmental, social and governance issues; and potential shifts in bargaining power between GPs and LPs (e.g., GP removal, investment limitations, etc.). For coverage of other recent PLI panels, see our two-part series: “Importance of In‑House Counsel Discerning Their Client and Managing Evolving Attorney‑Client Privilege Issues” (Jun. 21, 2022); and “Tips for How In‑House Counsel Can Navigate Typical Ethical Dilemmas and Conflicts of Interest in the Role” (Jun. 28, 2022).