In a challenging fundraising environment, investors have substantial leverage for demanding preferential terms from hedge fund managers. Those terms are often embodied in side letters, which present numerous operational and administrative challenges to managers. See “How Hedge Fund Managers Can Accommodate Heightened Investor Demands for Bespoke Negative Consent, Liquidity, MFN and Other Provisions in Side Letters” (Oct. 13, 2016); and “RCA Symposium Clarifies Current Market Practice on Side Letters, Conflicts of Interest, Insider Trading Investigations, Whistleblowers, FATCA and Use of Managed Accounts Versus Funds of One (Part One of Two)” (Jun. 13, 2013). A recent program presented by the Hedge Fund Law Report and Seward & Kissel explored issues fund managers commonly face with respect to side letters, including terms most frequently requested by investors, operational concerns when negotiating with investors and administrative issues when handling side letters. The program, “Side Letter Considerations for Fund Managers,” was moderated by William V. de Cordova, Editor-in-Chief of the Hedge Fund Law Report, and featured Seward & Kissel partners Steven B. Nadel and David R. Mulle. This article highlights the key takeaways from the presentation. For additional insight from Nadel, see “29 Top-of-Mind Issues for Investors Conducting Due Diligence on Hedge Fund Managers” (Apr. 4, 2014). For further commentary from Mulle, see “Seward & Kissel Private Funds Forum Offers Practical Steps for Fund Managers to Address HSR Act Enforcement, Tax Reforms, Brexit Uncertainty, MiFID II, Cybersecurity and Side Letters” (Oct. 20, 2016).