SD-03.8 — Re-Up & Manager Relationship Management

Business Domain: BD-03 Manager & Fund Investment (Front office) · Applies: BOTH

Purpose

Manages the retention, re-up and relationship decisions across the life of a manager appointment. A manager relationship is long — a private-markets GP relationship spans successor funds over a decade or more, and a segregated-mandate manager is reviewed cycle after cycle. This Service Domain owns the recurring decision the relationship turns on: keep the manager, commit again, or terminate. For a closed-end fund that decision is the re-up into the successor fund; for a segregated mandate it is mandate continuation. Either way, it is a first-class decision, not an afterthought — managers are terminated routinely.

Service Operations

• Evaluate the re-up decision — for a closed-end manager, the decision to commit to the successor fund, weighing realised performance (DPI, not only IRR), the fit with the pacing plan, and the relationship.
• Assess succession-plan maturity — evaluate the manager’s own succession and key-person planning as a re-up criterion.
• Manage the manager relationship — the ongoing GP / manager relationship, advisory-board standing, and information access across funds and mandates.
• Re-negotiate fees and terms — use the re-up or mandate renewal to revisit the fee schedule and terms.
• Decide retention, re-up or termination — the explicit keep / re-commit / terminate decision, informed by the SD-03.6 monitoring and watch list.

Inputs and outputs

• Inputs: the GP and manager scorecards and watch list (SD-03.6); the commitment-pacing plan (SD-01.10); the manager’s successor-fund offering or the mandate-review outcome (SD-03.7).
• Outputs: the retention / re-up / termination decision — a re-up flows into SD-03.5 or SD-03.7 as a new commitment; a termination triggers manager-transition coordination and feeds BD-01’s pacing.

Entities

• Consumes: Legal Entity (E-01, the manager / GP), Fund & Vehicle (PM-01), LP Commitment (PM-06); the SD-01.10 commitment-pacing plan; the SD-03.6 GP and manager scorecards and watch list; the SD-03.7 mandate-review outcome.
• Owns: none — the retention decision is recorded against the manager relationship, not a master entity.

Standards

• No external standard governs the re-up decision. Practitioner evidence treats GP succession-planning maturity and realised distributions (DPI) as the decisive re-up criteria, alongside the relationship.

Open extensions

• Whether the manager relationship itself — spanning multiple funds and mandates with one GP — warrants a first-class entity.
• The interaction with SD-01.10 — a termination or a decision not to re-up changes the commitment-pacing plan.