The Institutional Limited Partners Association has updated its continuation vehicle guidance to address gaps in its previous framework. Chief executive Jennifer Choi told Secondaries Investor that the industry body's prior guidance was "silent on a lot of things" and failed to keep pace with market developments.

The revised guidance provides more comprehensive direction on how general partners should manage continuation vehicle processes and how limited partners can build assessment capabilities. These vehicles have become increasingly popular as portfolio management tools in the private equity secondary market.

Market practices have moved significantly since the original guidance was issued, creating inconsistencies that needed addressing. The update incorporates lessons learned from recent transactions and evolving standards across the industry.

This represents a recognition that secondary market structures require standardized best practices as they mature. The guidance should provide clarity for institutional investors navigating these complex transactions.