In a challenging fundraising environment, new hedge funds focused on equities, on average, charged lower management fees in 2024 than those launched in 2023, Seward & Kissel LLP found in its study of new manager hedge fund launches in 2024, released in May 2025. Additionally, a smaller proportion of funds imposed lock-ups or investor-level gates. On the other hand, the average fee charged by new non-equity funds was higher year-over-year, as was the proportion of funds with lock-ups or investor-level gates. The study also examined founders share classes, fund structures, minimum investments and seeding. This article distills the study’s findings, with additional commentary from Nicholas R. Miller, partner at Seward & Kissel and lead author of the study. For Seward & Kissel’s last new manager study, see “New Hedge Funds: Short‑Term Challenges Create Long‑Term Views” (Jun. 6, 2024).