The fundamental objectives for most PE funds during the coronavirus pandemic are largely unchanged from a year ago: generate profits, maintain liquidity and keep LPs satisfied. Those simple premises undergird most sponsor activities, and the present is no exception. The coronavirus pandemic has, however, altered how sponsors accomplish those goals. Transparent conversations with LPs are more necessary now than ever, and creative liquidity solutions such as rescue capital, subsequent fundraising rounds and the like have moved to the forefront. A recent Proskauer program examined those and other issues introduced by the coronavirus pandemic and its effect on the PE industry. The program featured Proskauer partners Monica Arora, Howard J. Beber and Don Melamed, who were joined by Monument Group partner John McCormick. This first article in a two-part series summarizes the panelists’ guidance about how PE sponsors can manage their existing funds. The second article will detail their insights about changes to PE fundraising and fund formation practices necessitated by the pandemic. For additional commentary from Proskauer attorneys, see “OCIE’s Targeting of ESG Investing Practices in Recent Examinations and What It Means Going Forward (Part One of Two)” (Jan. 21, 2020); and “Proskauer Attorneys Evaluate the Dodd-Frank Whistleblower Program and Its Future Under the Trump Administration” (Jun. 1, 2017).