- Generally, Cornerstone does **not** treat an unrelated outside operating business as a **Successor Fund / SPV** issue by itself.
- The real issues are:
- **conflicts of interest**
- **time allocation / devotion to the fund**
- possible **key person** triggers
- whether any **side letters** or fund terms restrict outside roles

- At **formation**:
- disclose the outside business clearly to counsel and prospective LPs
- document any conflict handling, allocation boundaries, and time commitment expectations
- check whether the LPA or side letters need express consent language

- On an **ongoing basis**:
- update LPs if the role changes materially
- seek consent if it creates a new conflict or implicates key person / fund duty issues

References:
- https://decilehub.com/base/1-general_questions/164003-does-the-successor-fund-spv-restriction-in-article-4-3-4-of-the-cornerstone-lpa-cover-a-gp-s-outside-employment
- https://decilegroup.com/articles/solo-gp