The challenging capital raising environment has not deterred quality managers from launching their maiden funds. With this in mind, Seward & Kissel LLP recently published a study detailing some key findings relating to first funds launched in 2012 by their U.S.-based manager clients. The study highlights important information concerning investment strategies, management fees, incentive fees, liquidity terms, fund structures and strategic capital arrangements. This article summarizes important takeaways from the study. For a discussion of the 2011 version of Seward’s study, see “Seward & Kissel Study Highlights Trends in Hedge Fund Investment Strategies, Fee and Liquidity Terms, Fund Structures and Strategic Capital for New Managers,” Hedge Fund Law Report, Vol. 5, No. 8 (Feb. 23, 2012).