A recent study conducted by Seward & Kissel reveals that newly launched hedge funds are offering lower average management fees than previously recorded, while simultaneously offering more restrictive redemption terms. In its annual hedge fund study, Seward & Kissel analyzed several key findings relating to funds launched in 2015 by new U.S.-based manager clients. This article summarizes key takeaways from the study, including investment strategy trends; incentive allocations and management fees; liquidity terms; fund structures; and founder or seed capital. For HFLR coverage of previous editions of Seward & Kissel’s annual study, see: 2014 Study (Mar. 5, 2015); 2012 Study (Apr. 11, 2013); and 2011 Study (Feb. 23, 2012).