Morgan Lewis recently hosted a webinar exploring some of the key trends in hedge funds emerging from the first six months of 2020, specifically in performance and assets under management; opportunities; the subscription process; co‑investments; and customized structures. The program also included an update on key hedge fund terms, including fees, operating expenses, fiduciary duties, liquidity and most favored nation provisions. The presentation featured Morgan Lewis partners Christopher J. Dlutowski, Peter M. Phleger and Carrie J. Rief. This article summarizes their key insights and takeaways from the discussion. For additional commentary from a Morgan Lewis partner, see our three-part series on tailoring a compliance program: “Why Fund Managers Should Customize” (Jul. 16, 2020); “What Fund Managers Should Consider” (Jul. 23, 2020); and “When Fund Managers Should Review and Update” (Jul. 30, 2020).