This workshop will focus on key terms in an evolving hedge fund market, including the challenging landscape in fund raising and the industry’s reaction to last year’s performance challenges. Participants will address fee arrangements (including hurdle rates, multi-year performance periods and varying fee rates), liquidity arrangements, multiple term combinations (e.g., lower fees/less liquidity), large investor/early bird terms, seeder arrangements and co-investments. In addition, this workshop will cover recent developments in MFNs and side letters, fund and governance structures and briefly touch on tax structuring issues.