Seward & Kissel (S&K) recently completed a study of side letters entered into by its hedge fund manager clients. “The Seward & Kissel 2015/2016 Hedge Fund Side Letter Study” considers the prevalence and features of five common side letter provisions: most favored nation clauses, fee discounts, transparency, preferential liquidity and capacity rights. This article summarizes S&K’s findings. For HFLR coverage of S&K’s annual hedge fund studies, see: 2015 Study (Mar. 31, 2016); 2014 Study (Mar. 5, 2015); 2012 Study (Apr. 11, 2013); and 2011 Study (Feb. 23, 2012). For additional analysis of side letter practices, see “RCA Symposium Clarifies Current Market Practice on Side Letters, Conflicts of Interest, Insider Trading Investigations, Whistleblowers, FATCA and Use of Managed Accounts Versus Funds of One (Part One of Two)” (Jun. 13, 2013). Steve Nadel, lead author of the study and a partner in S&K’s investment management practice, will expand on the topics in this article – as well as other issues relating to side letters – in an upcoming webinar co-produced by the Hedge Fund Law Report and S&K. Details of the webinar are forthcoming.