According to a recent report by the World Bank, the coronavirus pandemic has triggered “the deepest global recession since World War II.” The report warns that the speed and depth with which the pandemic-related recession struck “suggests the possibility of a sluggish recovery” and that things may worsen before they begin to improve. Thus, fund managers cannot sit idle and wait to see what happens; rather, they need to take steps now to prepare for possible further downturns in the economy. In this guest article, Ira P. Kustin, partner at Paul Hastings, outlines various issues of which private fund managers must be aware in the event of potential economic downturns, including planning for withdrawal requests; implementing withdrawal suspensions; balancing fiduciary duties to the fund and its investors; and resolving a liquidity crisis. For additional commentary from Kustin, see “How Fund Managers May Address End-of-Life Issues in Closed-End Funds” (Jan. 17, 2019); and “Beyond the Master-Feeder: Managing Liquidity Demands in More Flexible Fund Structures” (May 25, 2017).