According to a 2017 survey published by Barclays Capital Solutions Group, hedge funds experienced net outflows of approximately $70 billion in 2016. Capital commitments to private equity funds remain robust however, and hybrid structures – which combine characteristics of both open- and closed-end funds – are growing in popularity. These trends can be explained, in large part, by fund performance. While certain hedge fund strategies continue to underperform stocks and riskier bonds, private equity funds have generally performed well in recent years. This has led some hedge fund managers to pursue less liquid investment opportunities, with the hopes of growing their performance returns. Holding less-liquid or illiquid investments through a vehicle that was originally designed to hold more liquid asset classes presents, however, a number of legal and potential regulatory concerns. To mitigate these risks, many managers have elected to expand their product offerings to include vehicles structured to accommodate investments with longer investment horizons, including private equity and hybrid funds. In recognition of this industry trend, the Hedge Fund Law Report is highlighting six articles from its historical archives that provide guidance of particular relevance to managers of private equity funds and hybrid structures. Next week (the week starting October 30, 2017), the HFLR will resume its normal weekly publication.