In a recent interview with the Hedge Fund Law Report, Samer Ojjeh, principal at Ernst & Young LLP (EY), analyzed the current state of the private funds industry. Specifically, Ojjeh discussed the high expectations of investors, the strategies currently attracting capital, barriers to entry for emerging asset managers and ways managers can retain top talent. Ojjeh’s remarks provide valuable perspective to hedge fund managers on the numerous demands they face from diverse parties, including investors, regulators and the managers’ own employees. For further commentary from Ojjeh, see “RCA Symposium Offers Perspectives From Regulators and Industry Experts on 2014 Examination and Enforcement Priorities, Fund Distribution Challenges, Conducting Risk Assessments, Compliance Best Practices and Administrator Shadowing (Part Three of Three)” (Jan. 9, 2014); and “Certain Hedge Fund Managers Are Moving From Full to Partial Shadowing of Administrator Functions” (Sep. 12, 2013). For additional insights from EY professionals, see “Daniel New, Executive Director of EY’s Asset Management Advisory Practice, Discusses Best Practices on ‘Hot Button’ Hedge Fund Compliance Issues: Disclosure, Expense Allocations, Insider Trading, Political Intelligence, CCO Liability, Valuation and More” (Oct. 17, 2013); as well as our two-part series “Steps That Alternative Investment Fund Managers Need to Consider to Comply With the Global Trend Toward Tax Transparency”: Part One (Apr. 7, 2016); and Part Two (Apr. 14, 2016).