Simmons & Simmons 2025 Hedge Funds Side Letter Survey

In the survey we measure the prevalence of 5 common business terms - MFNs, transparency and risk reporting, liquidity, fee discounts and capacity rights.

We also track details of certain other terms as well as categorise the investors requiring side letters by both investor type and region.

We published our first survey of side letters in 2022, and this new survey includes comparisons with the data from that previous survey.