MJ Hudson surveyed a significant number of PE funds that came to market or raised capital in 2018 about their terms in three main areas: economics, alignment and governance. The first report from that survey covers drivers and trends of the core economic terms that govern private funds, while also reviewing how widely funds had adopted various recommendations from the Institutional Limited Partners Association (ILPA) as of the date of publication. This article highlights MJ Hudson’s key findings. See our two-part series on ILPA’s recently issued “Principles 3.0”: “PE Economics and Related Fund Provisions” (Jul. 30, 2019); and “Fund Governance and Disclosures” (Aug. 6, 2019).