With Brexit in the rearview mirror, the U.K. and the E.U. are charting their own paths forward for bolstering the private funds industry. The U.K. has authorized a long-term asset fund meant to support the growth of hybrid funds and facilitate investment therein by pension schemes. Alternatively, the E.U. has updated its marketing rules, both for traditional funds and for reporting in connection with environmental, social and governance funds. This two-part article series summarizes relevant takeaways from a panel featuring Morgan Lewis attorneys Simon Currie and Ayman A. Khaleq at the firm’s recent 2021 Annual Private Fund Investors Roundtable. This second article reviews recent regulatory developments in the U.K. and the E.U., as well as general industry trends in the Middle East. The first article identified trends, key purchase agreement terms and other structuring considerations in secondary transactions and co‑investments. See our two-part series: “Current Status of Brexit and Overcoming Cross‑Border Marketing Obstacles It Introduces” (Jun. 15, 2021); and “Various Areas of Regulatory Divergence Between the U.K. and E.U. Caused by Brexit” (Jun. 22, 2021).