Many investment fund managers are run as “benevolent dictatorships,” while others are more democratic, according to a Practising Law Institute (PLI) program on governance and succession planning for fund managers’ upper-tier entities. In either case, having a clear, documented governance structure and plans for both anticipated and unanticipated departures of founders and other key personnel are essential to ensuring smooth operations and an eventual transition to a new generation of leaders. They are also important considerations for institutional investors. The program covered governance and decision-making; founders’ retirement; business divorces; withdrawal of key personnel; succession planning; and sales of stakes in the fund manager’s GP. Norton Rose Fullbright partner Joshua Cohen moderated the discussion, which also included Proskauer partner Jennifer M. Dunn, Sidley Austin partner Elizabeth Shea Fries and Fried Frank partner Colin S. Kelly. This article synthesizes their remarks. For coverage of other PLI programs, see “Division of Investment Management Staff Discuss Staffing, Operations, Rulemaking and Other Developments” (Oct. 16, 2025); and “To Work Effectively, CCOs Need Authority, Autonomy and Information” (Dec. 12, 2024).