Seward & Kissel (S&K) recently issued its seventh annual hedge fund side letter study, which covers the period from July 1, 2021, through June 30, 2022. Consistent with its prior study, fee discounts and most favored nation provisions remain the most common side letter terms in S&K’s extensive private funds practice. This article presents the key takeaways from the study, with additional commentary from S&K partner Kevin Neubauer. For coverage of a prior S&K side letter study, see “Seward & Kissel Study Finds Reduced Fees and MFN Clauses Remain Most Prevalent Side Letter Terms” (Oct. 5, 2017).