DMS Governance (DMS) recently held its second annual Investment Funds Summit, featuring distinguished representatives of both fund managers and fund investors. John D’Agostino, DMS managing director, moderated the program, which included lively debates on whether it is still possible to generate alpha and the viability of the traditional “2 and 20” fee structure, as well as presentations on marketing into the E.U., artificial intelligence and impact investing. This article outlines the key points raised during the program, which included various divergent perspectives on the topics discussed. For further commentary from DMS, see “Former General Counsel and Current Independent Director Discusses the Importance of Robust Fund Governance” (Dec. 8, 2016); and “DMS Review Highlights Issues With Regulation, Institutionalization and Customization of Hedge Funds” (May 21, 2015).