Barry Gonder attended the Buyouts Chicago conference and participated in the panel “LP Strategies for Dealing with Troubled Funds”. Some of the steps discussed by the panel during the conference were about detecting the warning signs of a potential problem fund, which would invariably lead to a full evaluation of the GP and the underlying investments. LPs would also be contacted to understand any potential conflicts between the GP and LPs or divergent views amongst LPs. A comprehensive discussion about the options would follow, including the conditions required to continue working with the existing GP, the potential of replacing the GP or a possible secondary sale. If the existing GP prevails, a clear set of goals would be set for the GP and measured on a regular basis. Finally it was noted that it is important to take leadership among the LPs and through the advisory board to get a restructuring done successfully.