Succession Planning (hedge fund leadership changes)

To what extent do potential hedge fund investors examine a fund leadership's succession plan before deciding whether to invest?

Beyond a key-man redemption policy, do any safeguards exist to protect investors against the loss of the/a key portfolio manager?

How important is a Succession Plan to a senior or intermediate level investment professional (PM, research, trader, etc.) considering whether or not to join the investment team? If no succession plan exists, does this ever make the employment or partnership opportunity less attractive?

Any other important points regarding Succession Plans? From an investor's perspective? Hedge fund professional's perspective?

Thanks.