Seward & Kissel (S&K) recently completed its second annual hedge fund side letter study. See “Seward & Kissel Study Finds Reduced Fees and MFN Clauses Remain Most Prevalent Side Letter Terms” (Oct. 5, 2017). To provide fund managers with additional perspectives on the evolution of the side letter landscape over the past year, the Hedge Fund Law Report and S&K hosted a webinar moderated by William V. de Cordova, Editor-in-Chief of the Hedge Fund Law Report, and featuring insights on the side letter environment from Steve Nadel, lead author of the S&K side letter study. This article, the first in a two-part series, discusses the demographics of investment managers and investors that are more inclined to enter into side letters, along with key side letter terms. The second article will explore side letter trends, key takeaways from the study and the effect President Trump’s administration may have on the terms offered by managers in side letters. For coverage of S&K’s 2015/2016 side letter study, see “Seward & Kissel Study Finds MFN Clauses and Reduced Fees Most Prevalent Terms in Side Letters” (Oct. 6, 2016).