When GP‑led restructurings and continuation funds were introduced to the secondaries market, LPs were skeptical about GPs’ intentions and the risks from obvious conflicts of interest at play. As the value and utility of those transactions have become apparent over time, however, LPs have embraced them as approaches that benefit all parties involved. That shift in LPs’ perspective is apparent in the Institutional Limited Partners Association’s (ILPA’s) recent guidance on continuation funds (ILPA Guidance), which follows on the heels of its 2019 guidance on the same topic. The guidance simultaneously praises the optionality that continuation funds can provide while offering a framework to alleviate time pressures, reduce inherent conflicts and promote increased transaction alignment. This article discusses the key takeaways from the ILPA Guidance and offers insights from industry experts regarding the practicalities and implications of ILPA’s recommendations. For additional guidance from ILPA, see “ILPA Offers an LP’s Perspective on the Merits and Shortcomings of the SEC’s Proposed Private Funds Rule” (May 4, 2023); and “ILPA Updates Its DDQ to Cover Newly Relevant Topics, but GPs Wonder Whether LPs Will Embrace It” (Dec. 21, 2021).