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Community Member
Decile Base AI
Jun 17, 2024
If a fund manager passes away or is incapacitated, the fund's Limited Partner Agreement (LPA) typically includes a Key Person Clause. This clause may trigger the fund to enter a 'Limited Operations' mode. In this mode, the fund's activities may be restricted, and the interests of the fund could potentially be distributed to the limited partners based on the terms of the LPA. The specifics of how this situation is handled can vary depending on the terms set out in the LPA.