Despite a persistently challenging capital raising environment, 2014 saw the launch of initial hedge funds by a number of new hedge fund managers, an increasing number of which offer tiered management fees or founders share classes. See “How Can Hedge Fund Managers Use Founder Share Classes to Raise and Retain Capital?,” Hedge Fund Law Report, Vol. 5, No. 28 (Jul. 19, 2012). Seward & Kissel LLP recently published its annual study analyzing several key findings relating to newly formed funds launched in 2014 by its U.S.-based manager clients. This article summarizes important takeaways from the study, including trends with respect to investment strategies, fees, liquidity terms, fund structures and strategic capital arrangements. For the HFLR’s coverage of previous editions of Seward’s annual study, see “Seward & Kissel Study of New Hedge Fund Launches Identifies Trends in Preferred Investment Strategies, Fees, Liquidity Terms, Fund Structures and Strategic Capital Arrangements,” Hedge Fund Law Report, Vol. 6, No. 15 (Apr. 11, 2013); and “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).