Private equity funds are currently in the midst of a boom period, with a surplus of investor assets at their disposal. However, several factors – including a scarcity of deal flow and an increased demand by investors for decreased and customized fees – function as counterweights to this positive development in the industry. Additionally, while investors are increasingly interested in obtaining co-investment rights, private equity fund managers are forced to navigate risks of inequitable treatment that could flow from those arrangements. See “Co-Investments Enable Hedge Fund Managers to Pursue Illiquid Opportunities While Avoiding Style Drift (Part One of Three)” (Feb. 21, 2014). The role of these incongruent interests and how private equity fund managers can balance them were discussed during a segment at Sadis & Goldberg’s 9th Annual Alternative Investment Management Seminar. The segment, entitled “Private Equity Ascending: Economic and Legal Developments,” featured Sadis & Goldberg partners Steven Huttler and Yehuda Braunstein. This article presents key takeaways from the discussion. For further insight from Huttler, see “Stigma Fades As Use of Gates Becomes More Common” (Dec. 24, 2008); and “Gates Provide Safety Valves for Hedge Funds and Investors” (Apr. 15, 2008). For additional commentary from Braunstein, see “Understanding the Benefits and Uses of Series LLCs for Hedge Fund Managers” (Nov. 15, 2012).