Hedge fund investors have become increasingly savvy in recent years, and one sign of that growing sophistication is the level of scrutiny focused on managers of hedge funds in which they are considering investing. Far beyond the simple review process that it once was, due diligence of hedge fund managers and their funds has become an intrusive process, as prospective investors seek deeper looks into managers’ operations and access to sensitive documents. Consequently, a manager must be prepared to tactfully respond to these invasive requests for information, providing sufficient information to satisfy the investors’ requests while protecting the manager’s business and confidentiality. In an effort to determine industry best practices for responding to such requests from prospective investors, the Hedge Fund Law Report surveyed 20 general counsels and other “C-level” decision-makers at leading hedge fund managers. We are presenting the results of that survey in a two-part article series. This first part describes the types of information requests that hedge fund managers are encountering from investors, focusing on the most intrusive requests. The second article will explore how managers have responded to those requests while mitigating the potential negative consequences of releasing sensitive information. For more on due diligence, see “Why Should Hedge Fund Investors Perform Onsite Due Diligence in Addition to Remote Gathering of Information on Managers and Funds? (Part Three of Three)” (Feb. 12, 2015). For analysis of the investor view of due diligence, see “Operational Due Diligence From the Hedge Fund Investor Perspective: Deal Breakers, Liquidity, Valuation, Consultants and Onsite Visits” (Apr. 25, 2014). For another industry survey conducted by the HFLR, see our two-part series on how hedge fund managers: “Define and Handle Trade Errors” (Oct. 15, 2015); and “Detect and Bear Responsibility for Trade Errors” (Oct. 22, 2015).