A panel at the K&L Gates New York Asset Management and Investment Funds Conference examined evolving trends in the private funds industry and the outlook for 2025. The speakers focused on the increasing popularity of evergreen funds among sponsors and investors; the challenging fundraising environment; new approaches to addressing tax-related concerns of non‑U.S. investors; the burgeoning private credit market; and the increasing use of various mechanisms to provide liquidity to investors. The program featured K&L Gates partners Ed Dartley, TJ Bright and Adam J. Tejeda. This article distills their insights. See “2024 Survey Reveals Top Compliance Concerns and Common Industry Practices” (Sep. 19, 2024).