Seward & Kissel’s third annual survey of established hedge fund managers, which covers fund launches during 2024, examined managers’ strategy preferences; management fees and performance allocations; redemption rights; and fund structures. As in prior years, the study included only fund managers with at least $1 billion in regulatory assets under management that have been in business for at least five years. This article examines the key findings of Seward & Kissel’s 2025 survey report, with additional commentary from Seward & Kissel partners Nicholas R. Miller and Steven Nadel. See “Established Hedge Fund Manager Study Examines Strategies, Fees, Liquidity and Structures” (Nov. 21, 2024).