The hedge funds industry showed strong performance in the last year, despite the global pandemic and other challenges. In addition, innovative structures, such as customized vehicles, separately managed accounts (SMAs) and hybrid funds, showed growth and evolution. Those were some of the key takeaways from a panel at the recent Morgan Lewis Private Fund Investors Roundtable hosted by Morgan Lewis partner Jedd Wider. This first article in a two-part series discusses the thoughts from the Morgan Lewis partners on hedge fund performance, asset growth, investor allocation preferences, SMAs and hybrid funds. The second article will set forth the highlights from the panel on recent tax developments; investment issues involving China; and the evolving trade and sanctions landscape. See “Morgan Lewis Attorneys Discuss the Global ESG Landscape” (Aug. 19, 2021).