The hedge fund industry continues to evolve, with managers seeking new ways to generate alpha and investors seeking bespoke solutions and pushing managers to achieve environmental, social and governance (ESG) goals. A recent Sidley Austin program explored the growth in hybrid funds, co‑investments and separately managed accounts; challenges associated with ESG investing; and evolving approaches to expense pass-throughs. The program featured Sidley Austin partners Janelle Ibeling, James C. Munsell and Joseph E. Schwartz, as well as Maxine C. Alexis, managing director at HedgeMark International LLC. This article distills their insights. For additional commentary from Ibeling and Schwartz, see our two-part series on achieving performance compensation equilibrium: “Considerations on Hurdles, Benchmarks, High Water Marks and Clawbacks” (Jan. 9, 2020); and “Designated Investments, ‘1 or 30’ Structures, Caps and First Loss Arrangements” (Jan. 16, 2020).