ACA Compliance Group (ACA) recently dissected the growth of the sponsor-led secondary market, as well as the key issues impacting how sponsors can successfully complete those deals. The program featured Brian Mooney, managing director of Greenhill & Co., Inc, and Jami Jack, director of ACA. This article, the second in a two-part series, analyzes key success factors; the process and timeline of secondary transactions; and compliance considerations. The first article summarized the panelists’ thoughts on secondary market themes and outlook; issues addressed by sponsor-led transactions; and specific solutions that sponsor-led secondary transactions can offer to PE sponsors. For additional commentary from ACA, see our two-part series on pay to play rules: “Federal Rules” (Feb. 14, 2019); and “State and Local Rules; Traps for the Unwary; and Compliance” (Feb. 21, 2019).