4. A mass transition to a new generation of managers needs to happen without disruption to the system.  The money manager owner class is disproportionately near retirement age.  According to Imprint Group, “one third of assets currently managed are managed by men over the age of 60”.  This creates a challenge in talent retention (because junior people see their path blocked); succession planning (when their path eventually gets unblocked); and eventually in business continuity.  For example, Chris Shumway’s botched transition out of his hedge fund lead to huge simultaneous redemptions, followed by fire sales, and eventually the closure of an highly successful $8 billion hedge fund. In some instances, audit and risk oversight companies and technologies that help limited partners monitor founder partner departure risk can add value. But in many cases, they are monitoring stasis without understanding the internal leadership dynamics that will make or break these sensitive discussions.