On behalf of Dechert, Mergermarket carried out a global survey during the third quarter of 2020 (Survey) of 100 senior-level PE executives in established firms with at least $500 million assets under management. Dechert’s report sets out the Survey results; examines trends reflected therein; and forecasts potential implications for the PE industry going forward. Dechert also hosted a webinar examining the Survey results that featured Greg Belinfanti, senior managing director at One Equity Partners; John Bolduc, executive managing director at H.I.G. Capital; Emilio S. Pedroni, managing director at First Atlantic Capital; and Dechert partner Markus P. Bolsinger. This first article in a two-part series describes some fund trends that emerged through the end of 2020, including fundraising struggles of emerging managers and an increasing interest in asset class diversification among managers. The second article will provide an overview of PE trends in different regions around the globe; unique features emerging in the deal-making context; and tips for how managers can excel in 2021. See our two-part series on the Dechert and Mergermarket 2020 PE outlook: “Identifying Investment and Exit Strategy Trends” (Dec. 10, 2019); and “Forecasting Fund Structures and Global Market Growth” (Dec. 17, 2019).