A recent program sponsored by Dechert offered an overview of the current hedge fund landscape, focusing on fee and liquidity terms, the growth of direct lending, prime brokerage and institutional investors’ perspectives on alternative investments. The program featured John D’Agostino, a managing director at DMS Offshore Investment Services Ltd., and Dechert partners Matthew K. Kerfoot, David A. Vaughan, Karl J. Paulson Egbert and Timothy Spangler. This article highlights the panelists’ primary insights. For further insight from Kerfoot, see “Dechert Webinar Highlights Key Deal Points and Tactics in Negotiations Between Hedge Fund Managers and Futures Commission Merchants Regarding Cleared Derivative Agreements” (Apr. 18, 2013). For additional commentary from Vaughan, see “A Practical Comparison of Reporting Under AIFMD Versus Form PF” (Oct. 30, 2014). For further remarks from Egbert, see “Capital-Raising Opportunities, Regulatory Hurdles and Cultural Challenges Faced by Hedge Fund Managers in China and the Middle East” (Jun. 23, 2016).