By many indices, the hedge fund industry in early 2017 shows strong signs of recovery after a difficult year marked by heavy outflows. Returns are up and optimism abounds in the midst of the pro-business atmosphere fostered by the new administration of President Donald J. Trump. See “Ways the Trump Administration’s Policies May Affect Private Fund Advisers” (Mar. 2, 2017). This positivity is tempered, however, by concerns over whether fund managers can align their interests with investors’ fee and liquidity concerns, as well as whether funds are making use of an appropriate beta hurdle. Further, there is a great deal of uncertainty about the impact of the Trump administration’s emerging policies and priorities on the SEC’s enforcement efforts, the Dodd-Frank Act, carried interest and the Department of Labor’s fiduciary rule. To cast light on these and other critical issues, the Hedge Fund Law Report recently interviewed Steven Nadel, a partner in the investment management practice at Seward & Kissel and lead author of Seward & Kissel’s recently published “2016 New Hedge Fund Study.” See “Lock-Ups and Investor-Level Gates Prevalent in New Hedge Funds” (Mar. 23, 2017). For additional commentary from Nadel, see “HFLR and Seward & Kissel Webinar Explores Common Issues in Negotiating and Monitoring Side Letters” (Nov. 10, 2016); and “Seward & Kissel Partner Steven Nadel Identifies 29 Top-of-Mind Issues for Investors Conducting Due Diligence on Hedge Fund Managers” (Apr. 4, 2014).