Single-asset funds pool capital from multiple investors to invest in a single security, transaction or acquisition. As managers continue to explore offerings beyond traditional strategies and fund structures, they frequently pursue opportunities through vehicles designed to acquire a single asset. Distinguished from funds that invest in many assets and transactions, single-asset funds involve unique legal, regulatory and operational challenges. In a guest article, Eileen Overbaugh, partner at Lowenstein Sandler, examines these challenges, including in the context of structure; fees and expenses; term and liquidity; and follow-on investments and restructurings. See “Operational and Tax Challenges of Hybrid Funds” (May 23, 2019); and “Hedge Fund Managers Turn to Hybrid Fund Structures to Reconcile Fund Liquidity Terms and the Duration of Assets” (Feb. 4, 2009). For additional commentary from Lowenstein attorneys, see “Key Takeaways for Private Fund Managers From SEC’s Latest Reg Flex Agenda” (Aug. 15, 2019); and “How the GDPR Will Affect Private Funds’ Use of Alternative Data” (Jun. 14, 2018).