New hedge funds employing equity strategies decreased significantly in 2017 while non-equity funds surged. In addition, the number of non-equity funds that offered founder share classes more than doubled from the amount seen in 2016. These trends – along with others relating to fund fees, liquidity, structures and seeding – were tracked by Seward & Kissel (S&K) in its annual study of hedge funds launched by new U.S.-based manager clients in 2017. This article presents the key takeaways from the study together with insights from Steve Nadel, partner in S&K’s investment management practice and lead author of the study. For coverage of previous editions of S&K’s annual study, see: 2016 Study (Mar. 23, 2017); 2015 Study (Mar. 31, 2016); 2014 Study (Mar. 5, 2015); 2012 Study (Apr. 11, 2013); and 2011 Study (Feb. 23, 2012).