What Happens When Founders Leave?

I am curious on what people think will happen to a lot of the large hedge funds when the founders move on to other pursuits or pass on. The hedge fund industry has slowly been aging after reaching maturity in the early 2010s. We now have a variety of hedge funds that have founders worth 1B+ that are in their 70s.

What do people think will happen to funds like Millennium, Elliott, etc. when the founders retire? Will these funds go public? Make all the senior employees equity partners like Dalio did at Bridgewater?

I imagine if a place like elliott or Millennium distributed the equity/portion of the incentive fee that Paul and Izzy have to the employees that these funds would become the best places to be... Millennium could pay PMs 40% just by taking the 20% perf fee Izzy gets and giving to PM payouts. Sad to think about these legends retiring from the industry but it is a reality that it will happen in the future...

I am genuinely curious what will happen as the only example I could find is Dalio

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