In a slowing economy, fund managers must be more creative and innovative to access capital and ensure they can complete transactions at the right time. That requires fund managers to take advantage of every tool in their proverbial toolbox, which often starts with combing through their funds’ limited partnership agreements (LPAs) for mechanisms that increase their access to liquidity. To discuss that approach and other ways funds are meeting challenges in the current environment, the Practising Law Institute recently hosted a program that was moderated by Paul Weiss partner Lindsey L. Wiersma and featured Ross Oliver, partner and GC at Crestview Partners; Giulianna Ruiz, partner, GC and CCO of Trilantic Capital Management L.P.; and Kirkland & Ellis partner August Sangese. This first article in a two-part series identifies various LPA provisions that can facilitate increased liquidity and offers suggestions for how managers can approach the process of working with LPs to amend those provisions to make them even more favorable. The second article will describe how fund managers can use leverage and outside capital sources to bolster liquidity during an economic downturn. See “Practical Tips and Insights From Senior GCs at Leading Private Fund Managers” (Aug. 30, 2022); and “How the Financial Climate and SEC Rulemaking Is Affecting the PE Industry and GP‑LP Negotiating Dynamics” (Jun. 7, 2022).