Early in the coronavirus pandemic when society was turned completely upside down, fund managers were scrambling to figure out different levers they could pull to prolong their funds, retain their assets, obtain liquidity to fortify investments and soothe their LPs’ angst. Given the ongoing Ukraine/Russia war, rampant inflation and other macroeconomic factors, fund managers should dust off the lessons and tactics learned during the pandemic to effectively navigate a potential recession in the coming months. This second article in a three-part series details ways fund managers can bolster their existing funds to endure a recession, including key terms to review, amendments to seek, liquidity avenues to pursue and investor dynamics to monitor. The third article will identify different workforce management issues to consider when preparing for potential layoffs while also retaining critical employees. The first article summarized the industry’s views on a potential recession, necessary modifications to managers’ fundraising efforts and the prominent role the secondary market will likely play. See “How the Financial Climate and SEC Rulemaking Is Affecting the PE Industry and GP‑LP Negotiating Dynamics” (Jun. 7, 2022).