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Simmons & Simmons 2025 Hedge Funds Side Letter Survey

The survey examines five key business terms and categorises investors by type and region, with results compared to the 2022 survey.

12 December 2025

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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.

This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.

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