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What happens if an LP unfortunately passes away? What happens to their partnership interest in the Fund? Why don't the agreements address that?

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If an LP unfortunately passes away, said LP's partnership interest will be handled by the arrangements made with respect to the LP's heirs, executors/administrators of an estate, successors, etc. The LP is responsible for setting these up.

The aforementioned arrangements will vary and can be very custom - additionally each country/state may have different regulations and requirements regarding them. Therefore agreements (the LPA for example) generally remain silent on any specifics.

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