Glossary
Key person clause
An LPA provision that suspends the fund's investment period if named key individuals stop devoting sufficient time to the fund, until LPs vote to resume or end it.
In practice
Key person events are a governance matter but have operational consequences: calls for new investments stop and LPs must be notified.
In FUN/D
FUN/D records key LPA provisions and the notices sent under them.
Related: LPA · LPAC · Investment period · full glossary
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