The 12th annual Global Alternative Fund Survey published by Ernst & Young (EY) explores how certain disruptions – including the need to attract individuals with diverse skill sets; developments in technologies; and the blurring line between hedge fund and private equity strategies – are affecting the alternative investment industry. Disruption is reshaping and redefining the alternative asset management industry; technology is changing manager operations and staffing requirements; and changing investor preferences and demands for customized products are leading to product diversification and convergence between industry players, EY staff informed Hedge Fund Law Report. This first article in a two-part series summarizes the survey’s key findings on manager priorities, investor allocation plans, private fund offerings, separately managed accounts, growing use of technology by managers and interest in cryptocurrencies. The second article will discuss changes in the employee talent pool; fees and expenses, including expense management, alternative fee arrangements, use of technology and outsourcing; and respondents’ perspectives on industry risks. See also our coverage of EY’s 2017 Survey; 2016 Survey; 2015 Survey; 2014 Survey; 2013 Survey; 2012 Survey; and 2011 Survey.