Seward & Kissel has issued the latest edition of its annual hedge fund side letter study (Report), which covers several dozen side letters negotiated by Seward & Kissel clients in 2025. As in prior iterations, the Report examines the characteristics of the managers and investors that entered into the side letters, as well as the most common side letter terms. “The side letter process is continuing to grow in complexity,” Seward & Kissel partner Kris Swiatek told the Hedge Fund Law Report. “As an example, there was a significant increase in the number of side letters containing three key business terms relative to our last study.” This article examines the key findings of the study, with additional commentary from Swiatek and Seward & Kissel partner Noelle Indelicato. See our coverage of Seward & Kissel’s 2021/2022, 2016/2017 and 2015/2016 side letter studies.