A potential recession can have a trickle-down effect that impacts many facets of a fund manager’s commercial and operational efforts. Not only will managers need to look externally for new sources of liquidity, such as through financing facilities and the secondary market, but they will also need to probe their existing fund documents to see what kinds of flexibility they can leverage in the tumultuous environment. Further, fund managers will need to strike a balance between limiting non-essential personnel expenses while ensuring they retain critical talent. The first article in the three-part series summarizes the industry’s views on a potential recession, as well as ways managers’ fundraising efforts will need to be modified and the likely importance of the secondary market. The second article details ways fund managers can bolster their existing funds to endure a recession, including key terms to review, amendments to seek, liquidity avenues to pursue and investor concerns to monitor. The third article identifies different workforce management issues to consider and pursue to prepare for potential layoffs while retaining critical employees. See our two-part series on PE tools in a slow economy: “Maximizing Existing Capital and Amending LPAs” (Jun. 15, 2023); and “Taking Advantage of Leverage and Finding New Capital Sources” (Jun. 29, 2023).