{"version":"1.0","provider_name":"Seward &amp; Kissel LLP","provider_url":"https:\/\/www.sewkis.com","author_name":"cotton","author_url":"https:\/\/www.sewkis.com\/author\/cotton\/","title":"Seward & Kissel Releases the Hedge Fund Side Letter Study: 2025 Edition - Seward &amp; Kissel LLP","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\" data-secret=\"j0ZJh1JPMj\"><a href=\"https:\/\/www.sewkis.com\/publications\/seward-kissel-releases-the-hedge-fund-side-letter-study-2025-edition\/\">Seward &#038; Kissel Releases the Hedge Fund Side Letter Study: 2025 Edition<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/www.sewkis.com\/publications\/seward-kissel-releases-the-hedge-fund-side-letter-study-2025-edition\/embed\/#?secret=j0ZJh1JPMj\" width=\"600\" height=\"338\" title=\"&#8220;Seward &#038; Kissel Releases the Hedge Fund Side Letter Study: 2025 Edition&#8221; &#8212; Seward &amp; Kissel LLP\" data-secret=\"j0ZJh1JPMj\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n\/**\n * WordPress inline HTML embed\n *\n * @since 4.4.0\n * @output wp-includes\/js\/wp-embed.js\n *\n * Single line comments should not be used since they will break\n * the script when inlined in get_post_embed_html(), specifically\n * when the comments are not stripped out due to SCRIPT_DEBUG\n * being turned on.\n *\/\n(function ( window, document ) {\n\t'use strict';\n\n\t\/* Abort for ancient browsers. *\/\n\tif ( ! document.querySelector || ! window.addEventListener || typeof URL === 'undefined' ) {\n\t\treturn;\n\t}\n\n\t\/** @namespace wp *\/\n\twindow.wp = window.wp || {};\n\n\t\/* Abort if script was already executed. *\/\n\tif ( !! window.wp.receiveEmbedMessage ) {\n\t\treturn;\n\t}\n\n\t\/**\n\t * Receive embed message.\n\t *\n\t * @param {MessageEvent} e\n\t *\/\n\twindow.wp.receiveEmbedMessage = function( e ) {\n\t\tvar data = e.data;\n\n\t\t\/* Verify shape of message. *\/\n\t\tif (\n\t\t\t! ( data || data.secret || data.message || data.value ) ||\n\t\t\t\/[^a-zA-Z0-9]\/.test( data.secret )\n\t\t) {\n\t\t\treturn;\n\t\t}\n\n\t\tvar iframes = document.querySelectorAll( 'iframe[data-secret=\"' + data.secret + '\"]' ),\n\t\t\tblockquotes = document.querySelectorAll( 'blockquote[data-secret=\"' + data.secret + '\"]' ),\n\t\t\tallowedProtocols = new RegExp( '^https?:$', 'i' ),\n\t\t\ti, source, height, sourceURL, targetURL;\n\n\t\tfor ( i = 0; i < blockquotes.length; i++ ) {\n\t\t\tblockquotes[ i ].style.display = 'none';\n\t\t}\n\n\t\tfor ( i = 0; i < iframes.length; i++ ) {\n\t\t\tsource = iframes[ i ];\n\n\t\t\tif ( e.source !== source.contentWindow ) {\n\t\t\t\tcontinue;\n\t\t\t}\n\n\t\t\tsource.removeAttribute( 'style' );\n\n\t\t\tif ( 'height' === data.message ) {\n\t\t\t\t\/* Resize the iframe on request. *\/\n\t\t\t\theight = parseInt( data.value, 10 );\n\t\t\t\tif ( height > 1000 ) {\n\t\t\t\t\theight = 1000;\n\t\t\t\t} else if ( ~~height < 200 ) {\n\t\t\t\t\theight = 200;\n\t\t\t\t}\n\n\t\t\t\tsource.height = height;\n\t\t\t} else if ( 'link' === data.message ) {\n\t\t\t\t\/* Link to a specific URL on request. *\/\n\t\t\t\tsourceURL = new URL( source.getAttribute( 'src' ) );\n\t\t\t\ttargetURL = new URL( data.value );\n\n\t\t\t\tif (\n\t\t\t\t\tallowedProtocols.test( targetURL.protocol ) &&\n\t\t\t\t\ttargetURL.host === sourceURL.host &&\n\t\t\t\t\tdocument.activeElement === source\n\t\t\t\t) {\n\t\t\t\t\twindow.top.location.href = data.value;\n\t\t\t\t}\n\t\t\t}\n\t\t}\n\t};\n\n\tfunction onLoad() {\n\t\tvar iframes = document.querySelectorAll( 'iframe.wp-embedded-content' ),\n\t\t\ti, source, secret;\n\n\t\tfor ( i = 0; i < iframes.length; i++ ) {\n\t\t\t\/** @var {IframeElement} *\/\n\t\t\tsource = iframes[ i ];\n\n\t\t\tsecret = source.getAttribute( 'data-secret' );\n\t\t\tif ( ! secret ) {\n\t\t\t\t\/* Add secret to iframe *\/\n\t\t\t\tsecret = Math.random().toString( 36 ).substring( 2, 12 );\n\t\t\t\tsource.src += '#?secret=' + secret;\n\t\t\t\tsource.setAttribute( 'data-secret', secret );\n\t\t\t}\n\n\t\t\t\/*\n\t\t\t * Let post embed window know that the parent is ready for receiving the height message, in case the iframe\n\t\t\t * loaded before wp-embed.js was loaded. When the ready message is received by the post embed window, the\n\t\t\t * window will then (re-)send the height message right away.\n\t\t\t *\/\n\t\t\tsource.contentWindow.postMessage( {\n\t\t\t\tmessage: 'ready',\n\t\t\t\tsecret: secret\n\t\t\t}, '*' );\n\t\t}\n\t}\n\n\twindow.addEventListener( 'message', window.wp.receiveEmbedMessage, false );\n\tdocument.addEventListener( 'DOMContentLoaded', onLoad, false );\n})( window, document );\n\/\/# sourceURL=https:\/\/www.sewkis.com\/wp-includes\/js\/wp-embed.js\n\/* ]]> *\/\n<\/script>\n","description":"We are pleased to share the 2025 Edition of the Seward &amp; Kissel Hedge Fund Side Letter Study (\"the Study\"), examining side letters negotiated by our hedge fund manager clients during 2025. The Study is broken down into three parts: Managers, Investors and Terms. The three parts of the Study, when read together, provide valuable insights for managers into the negotiation of certain terms with investors in the current environment. Key findings from the Study: The Study reflected a decrease in Mature Manager representation&nbsp; The average RAUM of both Mature Managers and Newer Managers in the Study rose significantly from the prior study&nbsp; Funds-of-funds continued to be the most common category of side letter investor, while the corporate pension category moved to the second largest investor category&nbsp; There was a noticeable change in the number of side letters containing one or more key business terms&nbsp; To download a copy of the Study, please complete and submit the form by clicking here."}