A recent program hosted by international recruiting firm Major, Lindsey & Africa (MLA) offered an in‑depth look at auction funds, which offer a novel approach to providing liquidity to private fund investors. Hosted by MLA partners Brian T. Davis and Dimitri G. Mastrocola, the program featured Adena T. Friedman, president and CEO of Nasdaq; Adam Fleisher, partner at Cleary Gottlieb; and Robert E. Rice, founder and managing partner of Tangent Capital Partners, LLC. This article summarizes the key takeaways from the program. For more on novel fund structures, see “Trends in Investor Sentiment, Governance, Side Letters, Fund Structures, Investment Vehicles and Restructurings” (Jan. 11, 2018). For coverage of a prior program hosted by MLA, see our two-part series offering perspectives on internal compensation arrangements for investment professionals: “Carried Interest and Deferred Compensation” (Mar. 15, 2018); and “Hedge Fund Compensation and Non-Competes” (Mar. 22, 2018).