This month, Dow Jones Private Equity Analyst celebrates two decades of private equity coverage as we prepare for the 20th annual Private Equity Analyst Conference, which begins September 26. As part of that effort, we asked industry veterans to share their reflections on how the asset class has evolved and the challenges that lie ahead.

We spoke to Lexington Partners managing partner Brent Nicklas. In nearly two decades of managing secondary and co-investment funds, Lexington has led some of the largest transactions in the industry, including a nearly $2 billion portfolio purchased alongside China's State Administration of Foreign Exchange from the pension fund of General Motors.