In the dynamic and ever-changing hedge fund industry, it is vital for hedge fund managers to understand current trends with respect to fund structures and terms in order to best market to and raise capital from investors and anticipate likely changes in the hedge fund marketplace.  Recent trends have managers rethinking the kinds of expenses that should be appropriately allocated to funds; the structures of gates and redemption provisions; and acceptable fee terms for their funds.  Navigating these trends was a key issue discussed during the Dechert Alternative Funds Symposium recently held in New York City.  This article summarizes the salient points raised on the foregoing topics.  See also “Evolving Hedge Fund Fee Structures, Seed Deal Terms, Single Investor Hedge Funds, Risk Aggregators, Expense Allocations, Co-Investments and Fund Liquidity (Part One of Two),” Hedge Fund Law Report, Vol. 7, No. 36 (Sep. 25, 2014).