The global capital markets have seemingly been teetering on the brink of a recession for a while now, which has manifested in high interest rates, significant fundraising difficulties, diminished M&A activity, functionally zero IPOs and significant uncertainty about the future. Although it is possible the Federal Reserve will be able to effectuate the “soft landing” it has targeted in the U.S., private fund managers would be well served to hope for the best and prepare for the worst. In light of the potential for a global recession in 2024, the Private Equity Law Report is highlighting five articles from its archives containing suggestions on steps fund managers can take to prepare for, withstand and possibly benefit from a potential economic downturn. Those steps include preparing for holistic challenges a recession specifically poses to the PE industry (e.g., employment challenges and co‑investment demands); overcoming fundraising challenges and liquidity constraints; launching contingent dislocation funds to capitalize on substantial market dips; weighing the merits of operating as independent sponsors; and launching platforms to take advantage of increased secondary market opportunities.