Kearney’s boss and senior partner died suddenly in an accident in 2018. At the time, the firm owned 4 portfolio companies, each with different operating agreements, capital partners, and lenders. Kearney and a younger colleague, Austin Reichart, worked closely with the estate to unwind. 3 businesses were sold to provide liquidity to the family, while 1 was recapped and retained. The experience highlighted how complex succession can be in deal-by-deal private equity, especially compared to a fund structure with centralized governance and documents already in place.
When your partner dies
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