What happens if a fund manager dies or is no longer able to manage the fund?
Most funds have multiple managers so in the event one of the fund managers dies or is no longer able to perform their duties, the other manager(s) take over the fund.
The fund's operating agreement has a clause for a "Liquidating Agent" that can be a trustee or solely a liquidating agent. The Manager of the fund can assign a Liquidating Agent but in the event that the Manager is not able to perform their duties, the operating agreement specifies that the Members holding a majority share of the fund assets can designate and authorize a Liquidating Agent who will then take over the liquidation process of the fund.
To learn more about this, please review the Article titled "Dissolution of Company" in the fund's operating agreement.