GP‑led restructurings have become popular as more sponsors use them as liquidity and exit solutions for successful funds, rather than to merely salvage struggling funds. GP‑led restructurings are not always the best way to achieve a sponsor’s objective, however, which requires sponsors to consider certain threshold questions in advance and to be aware of many of the risks and process considerations that can materially affect a transaction. Those and other emerging trends were addressed in a recent Kirkland & Ellis webinar featuring partners Michael D. Belsley, Susan R. Eisenberg and Jeffrey Seifman. This second article in a two-part series outlines factors compelling sponsors to pursue GP‑led restructurings; questions to ponder before initiating a transaction; typical timelines and benchmarks; and certain risks for sponsors to avoid along the way. The first article provided an overview of trends in the secondary market thus far in 2020, while also describing the growth in cross-fund transactions for achieving liquidity and important tenets thereof. For additional insights from Kirkland & Ellis attorneys on the secondary market, see “Evolution and Future of GP‑Led Restructurings: Transaction Structuring Trends and Conflicts of Interest Management (Part One of Two)” (Jun. 2, 2020); and “Current Trends in the PE Secondary Market and Key Differences Between Europe and the U.S.” (Oct. 22, 2019).