Aubry Smith recently joined Mayer Brown in its New York office as a partner in the corporate and securities practice, where he focuses on private fund formation, with an emphasis on credit funds. He also advises on the establishment and operation of private investment funds and managed accounts; investment transactions, including co-investments, joint ventures, seed capital arrangements and secondary market sales of fund interests; and the establishment and acquisition of investment advisory businesses and management teams. In connection with his move to Mayer Brown, Hedge Fund Law Report recently interviewed Smith about trends in fund formation and credit funds in particular. This article summarizes his thoughts on environmental, social and governance – along with mission-driven or impact – funds and the challenges they raise; competition in the credit fund space; ways credit funds can distinguish themselves; the types of managers that are starting credit funds; and the opportunities for credit funds in Europe versus the U.S. For additional commentary from Mayer Brown partners, see “SEC Cyber Unit Files Charges Against Allegedly Fraudulent ICO” (Jan. 11, 2018); and “How Private Fund Managers Can Access Investor Capital in Hong Kong and China: An Interview With Mayer Brown’s Robert Woll” (Feb. 23, 2017).