After a hiatus in 2009, secondary (sponsor to sponsor) deal volume has been picking up dramatically as of late. According to the PitchBook Platform, there have been 66 completed private equity secondary deals since the beginning of 2009. The first quarter of 2010 alone accounted for 21, or 32% of these. So far this month another five have already been closed and four more announced. This resurgence is a strong positive sign that the PE industry may be returning to some state of normalcy, since over the past five years secondary sales have represented a third of all private equity exits.