While the hedge fund industry continues to be plagued by a challenging capital raising environment, a number of new hedge fund managers were able to launch advisory firms within the past year.  With that in mind, Seward & Kissel LLP conducted a survey (Seward Study) of their U.S. clients that launched hedge fund firms in 2011 to ascertain information about the hedge funds that they either launched in 2011 or are expected to launch in the first quarter of 2012.  The Seward Study focused on the types of investment strategies employed by such funds; fee and liquidity terms; fund structures; and types of strategic capital investments.  The Seward Study did not include new hedge funds launched by Seward clients that were managers with hedge fund businesses existing prior to 2011.  Nonetheless, the authors of the Seward Study believe that the funds surveyed reflect approximately 60% of the new hedge fund start-ups for 2011.  This article highlights the key findings of the Seward Study and provides additional insight as to what the data points represent in terms of hedge fund manager and investor preferences.