PM-11 — Manager Succession Event
A change in the manager entity behind a fund — a merger, rebrand or acquisition. Links a predecessor GP / management company (PM-02) to a successor, with a typed event and an effective date.
Purpose
A manager is not static over a fund’s life. Firms merge, rebrand and are acquired. When that happens, the GP entity behind a fund changes — and performance analysis must remain continuous across the event: a fund’s track record does not reset because its manager rebranded. The Manager Succession Event is the record of the transition. PM-02 holds the firm identities; PM-11 holds the transitions between them, so a query can follow a fund’s manager lineage through every corporate event.
The succession pattern generalises beyond private markets — an external long-only or hedge-fund manager can also be acquired. PM-11 is filed in the private-markets pack because GP succession is where it bites hardest and where the source material framed it; an open question is whether to lift it to the core as a general Legal Entity succession event.
Attribute schema
| Column | Type | Definition |
|---|---|---|
succession_id | varchar | Primary key. |
predecessor_gp_id | varchar (FK → PM-02) | The manager entity before the event. |
successor_gp_id | varchar (FK → PM-02) | The manager entity after the event. |
event_type | varchar | merger / rebrand / acquisition. |
effective_date | date | When the succession took effect. |
source | varchar | The source the event was captured from. |
Notes
- The event is immutable — a succession that happened is a fact.
- A rebrand also produces a new alias on the GP master (the old name moves to
known_aliases/ E-13 Entity Alias); the succession event records that the change happened and when, the alias records the name.
Out of scope
- The manager entities themselves — those are PM-02 GP / Management Company, referenced as predecessor and successor; PM-11 holds the transition between them, not the firm identities.
- The new name a rebrand produces — that is recorded as an E-13 Entity Alias on the GP master; PM-11 records that the change happened and when, the alias records the name.
- Partial successions — a team spin-out taking some funds and not others — named as an open extension; the entity covers whole-firm merger, rebrand and acquisition.
- A general core Legal Entity succession event covering all manager types — an open question; PM-11 is filed in the private-markets pack where GP succession bites hardest.
Owned and consumed by
- Owned by: SD-13.2 Entity & Counterparty Master.
- Consumed by: SD-09.2 Performance Attribution (manager-level continuity), SD-03.6 GP & Manager Monitoring, SD-03.8 Re-Up & Manager Relationship Management.
Open extensions
- Partial successions — a team spin-out that takes some funds and not others.
- Whether to generalise to a core Legal Entity succession event covering all manager types.