Simmons & Simmons and the Alternative Investment Management Association (AIMA) recently undertook joint research to assess the development and state of shareholder activism by alternative investors, investigate the impact of such activism and identify certain trends and implications for future developments. This article summarizes the findings of that research with respect to the structure and characteristics of activist alternative investment funds. See also “Practitioners Discuss U.S. and Canadian Shareholder Activism and Activist Tools,” Hedge Fund Law Report, Vol. 7, No. 45 (Dec. 4, 2014). For a discussion of the fee and tax provisions of a publicly offered activist investment vehicle, see “Ackman’s Pershing Square Public Offering Features Novel Performance Fee Mechanism,” Hedge Fund Law Report, Vol. 7, No. 39 (Oct. 17, 2014).