The Regulatory Compliance Association, in cooperation with major law firms and institutional investors, recently presented a Practice Readiness Series session entitled “Navigating the Side Letter and Due Diligence Process” (Session).  The Session focused on issues involved in negotiating hedge fund side letters from the perspectives of hedge fund managers and investors.  It also reviewed due diligence from both perspectives, highlighting the categories of due diligence performed by institutional investors and best practices for managers when responding to due diligence requests.  This article summarizes the key points made during the Session.