As regulatory changes have forced private fund managers to evaluate the structures, strategies and marketing of their funds in the U.S., Europe and Asia, investment managers must also choose between active and passive management of their portfolios.  In addition, as AIFMD and other regulations have taken effect worldwide, managers of private equity and real estate funds need to reconsider the proper structures for their funds.  This article summarizes the discussion of the foregoing topics at the recent Dechert Alternative Funds Symposium in New York City.  For additional coverage of the Symposium, see “Dechert Global Alternative Funds Symposium Evaluates Liquid Alternative Funds and Fund Governance Trends,” Hedge Fund Law Report, Vol. 8, No. 25 (Jun. 25, 2015); and “Dechert Global Alternative Funds Symposium Highlights Trends in Hedge Fund Expense Allocations, Fees, Redemptions and Gates,” Hedge Fund Law Report, Vol. 8, No. 20 (May 21, 2015).