For a fund with a **single Key Person**, the key person provision is generally triggered if that person **dies, becomes incapacitated, resigns, is removed, or otherwise cannot devote the required time and attention to the fund**. In practice, that usually means:
- **new investments pause**
- sometimes **future capital calls pause**
- **portfolio management and admin continue**
On **Cornerstone LPA v3 Section 5.2**, I can’t confidently quote the exact incapacitation-removal mechanics from the materials provided. The safest path is to review the current Cornerstone text with counsel. You can get the available Cornerstone materials here:
- https://govclab.com/2023/01/05/cornerstone-lpa-version-2/
Relevant references:
- https://decilehub.com/base/1-general_questions/163513-what-happens-if-a-solo-gp-single-key-individual-becomes-incapacitated-does-the-fund-just-end
- https://decilehub.com/base/1-general_questions/163979-what-happens-operationally-if-a-key-person-leaves-or-becomes-unable-to-perform
- **new investments pause**
- sometimes **future capital calls pause**
- **portfolio management and admin continue**
On **Cornerstone LPA v3 Section 5.2**, I can’t confidently quote the exact incapacitation-removal mechanics from the materials provided. The safest path is to review the current Cornerstone text with counsel. You can get the available Cornerstone materials here:
- https://govclab.com/2023/01/05/cornerstone-lpa-version-2/
Relevant references:
- https://decilehub.com/base/1-general_questions/163513-what-happens-if-a-solo-gp-single-key-individual-becomes-incapacitated-does-the-fund-just-end
- https://decilehub.com/base/1-general_questions/163979-what-happens-operationally-if-a-key-person-leaves-or-becomes-unable-to-perform