Barnes & Thornburg issued its inaugural Investment Funds Outlook Survey (Report), which was based on a survey of 125 investors (LPs), managers (GPs) and service providers. The Report covers the key concerns of both LPs and GPs; growing LP bargaining power; trends in fund structures and terms; concerns over succession planning and environmental, social and governance issues; and digital assets and other investment focus areas. This article discusses the key takeaways from the Report, with commentary from Scott L. Beal, partner at Barnes & Thornburg. “From what we’d seen in our own practice, as well as conversations with our clients’ peers, we went into 2023 expecting a private funds sector that would be rife with new tensions, dynamics, challenges and opportunities,” Beal told the Hedge Fund Law Report. His firm launched the study to obtain empirical data on those changing dynamics and hopes to continue conducting annual surveys. See “AIMA/KPMG Report Discusses Impact of the Hybrid Work Environment and Evolving Investor Relations” (Mar. 24, 2022); as well as our coverage of EY’s 2021 Global Alternative Fund Survey of managers and investors: Part One (Feb. 10, 2022); and Part Two (Feb. 17, 2022).