At the recent Morgan Lewis Advanced Topics in Hedge Fund Practices Conference, a panel of globally based Morgan Lewis attorneys explored the international hedge funds landscape. The panel featured Morgan Lewis partners Gregg Buksbaum, Ayman Khaleq, Timothy Levin, Kenneth J. Nunnenkamp and Aaron D. Suh. This first article in a two-part series discusses the portions of the program devoted to accessing non‑U.S. institutional capital, including the role of sovereign wealth funds, direct investments and co-investments; and recent developments in the U.S. sanctions regimes affecting investment in China and Hong Kong. The second article will cover the portions of the program devoted to regional issues in Europe, Asia and the Middle East. For coverage of another panel at that conference, see “Understanding and Mitigating Risks Associated With Trading Driven by Social Media” (Jun. 17, 2021).