Governance
Key-Person Provision
An LPA clause that suspends the investment period if named senior individuals leave the GP.
Key-person clauses protect LPs against the team risk inherent in concentrated GP firms. Triggers vary - some require multiple departures, some apply only during the investment period, some have remediation cure rights for the GP.
Monitoring key-person status is a standing operational task. A quiet senior departure that should have triggered a clause and did not is a major governance issue.