Anyone who travels on commercial flights should be familiar with the announcement reminding passengers of the aircraft’s various safety procedures in case of emergency. The overall message is generally the same: be prepared in case things go awry. Managers of private funds – especially those advising open-end funds permitting redemptions or withdrawals – should also periodically take a step back from their day-to-day operations to determine what tools are available for the proper functioning of their funds in case of a downturn in the U.S. or global economy. In a guest article, Ira P. Kustin, partner at Paul Hastings, discusses various issues of which private fund managers must be aware in the event of a potential economic downturn, including planning for withdrawal requests; implementing withdrawal suspensions; balancing fiduciary duties to the fund and its investors; and resolving a liquidity crisis. See our two-part series “Reflections on the Tenth Anniversary of the Financial Crisis”: The Collapse and Aftermath (Oct. 11, 2018); and Changes to Compliance Programs, Regulations and Fund Strategies (Nov. 8, 2018). For additional commentary from Kustin, see “How Fund Managers May Address End-of-Life Issues in Closed-End Funds” (Jan. 17, 2019); and “Beyond the Master-Feeder: Managing Liquidity Demands in More Flexible Fund Structures” (May 25, 2017).