In the third quarter of 2021, EY conducted its 15th annual global alternative investment fund survey of 210 hedge fund and private equity fund managers, as well as 54 institutional investors, including funds of funds, pensions, endowments and foundations, representing approximately $1 trillion in assets under management. This two-part series discusses EY’s findings from the survey. This first article covers alternative investment fund performance; strategy and allocation preferences; evolving product offerings; special purpose acquisition companies; digital assets; outsourcing; and other evolving trends. The second article will review talent management and the evolving work environment; diversity, equity and inclusion; and responsible investing. See our two-part series “EY 2020 Survey Compares Perspectives of Institutional Investors and Private Fund Managers”: Part One (Dec. 10, 2020); and Part Two (Dec. 17, 2020).