Solo GP issue: What are the different approaches folks have seen re: addressing questions about something happening to a GP that prevents them from working on the fund? This is both a due diligence matter and a legal/document question. (i.e. the proverbial what if you get hit by a bus planning?)
This is handled by LPAs by something called a Key Person Clause.
You can see how the Cornerstone LPA handles this by searching the agreement for ‘Key Individuals’ and for ‘Limited Operations’ mode:
But, basically, you can tell them that the fund will go into limited operations mode and then, the interests of the fund will likely be distributed to the limited partners based on the terms of the LPA.