Akin Gump Strauss Hauer & Feld LLP (Akin Gump) recently presented its annual Private Investment Funds Conference.  During the conference, Akin Gump partner Stuart E. Leblang presented the annual tax update; partners Stephen M. Vine, Ackneil M. (Trey) Muldrow III and Stephen M. Jordan discussed recent trends in transactions involving equity stakes in fund manager businesses; and partners Blayne A. Grady and Burke A. McDavid addressed the current environment for hedge fund and private equity fund terms.  This article details salient takeaways from each of these sessions.