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 general partners. Joshua Cohen, partner at Norton Rose Fullbright, moderated the discussion, which also included Jennifer M. Dunn, partner at Proskauer; Elizabeth Shea Fries, partner at Sidley Austin LLP; and Colin S. Kelly, partner at Fried Frank. This article synthesizes their remarks. For coverage of other PLI programs, see “To Work Effectively, CCOs Need Authority, Autonomy and Information” (May 22, 2025); and “Answers to Six Key Questions About How Enforcers View Gatekeepers” (Nov. 21, 2024).