The 2023 New Manager Hedge Fund Study by Seward & Kissel LLP shows a willingness among all parties to negotiate terms so investment activity can stay robust at a time of high interest rates and high costs. “Even in an environment in which it’s difficult to raise capital, the continued launch of funds and investor interest in funds is evidence that investors are still looking to deploy capital for the right opportunities with the right strategies and on the right terms,” said Noelle Indelicato, partner in the investment management group of Seward & Kissel. This article examines the study’s most significant findings, with commentary by Indelicato. For coverage of prior Seward & Kissel surveys, see “Study Finds Fee Discounts and MFN Provisions Still Common in Side Letters” (Jan. 19, 2023); and “Report Examines Appetite for Separately Managed Accounts and Key Terms” (Oct. 27, 2022).