It’s not often that an asset manager of private real estate comes into contingency cross-hairs of liability under criminal code. But it happens, even to good managers, typically as a consequence of the cross-border activities of a rogue operating partner. Such risk events can potentially pierce a fund structure to reach the executive board of the manager, not to mention impact to the fund vehicle itself. The approach in such situations must be swift and nuanced, working closely with legal counsel. An external commercial advocate, with experience in such matters, can add significant value by resolving the issues discretely and cost-effectively. Of course, the tried and true process of deep quantitative and qualitative analysis is necessary for the purpose of observing good governance principles and providing for approval of a coherent and viable strategic approach (and budget) to resolve the situation, without delay.