During the fourth quarter of 2020, the Alternative Investment Management Association (AIMA), in cooperation with Simmons & Simmons and Seward & Kissel, surveyed more than 300 hedge fund managers and investors to gauge their views on the current status, prospects and direction of the hedge fund industry. The Global Hedge Fund Benchmark Study found that most hedge fund managers met or exceeded their targets over the past year and are confident about their future prospects. This two-part series reviews the key findings from the study, with additional commentary from Tom Kehoe, AIMA’s managing director and global head of research and communications. This first article outlines the portions relating to the respondent demographics; performance and outlook; fees charged by funds; and liquidity and redemption terms. The second article will review fund launch terms, industry challenges, responsible investing, investment in new technologies and succession planning. For analysis of a prior AIMA survey of hedge fund managers, see “Hedge Fund Industry Remains Agile and Resilient” (Oct. 8, 2020).