In a little over two years, the global landscape has dramatically changed due to the coronavirus pandemic, Ukraine/Russia war, U.S. presidential election and impending financial recession. Those turbo-charged demand for certain PE funds, prompting a shift in the negotiating dynamics between GPs and LPs. The current market of PE terms was analyzed at a recent Practising Law Institute (PLI) event by a panel moderated by Paul Weiss partner Amran Hussein and featuring David Klein, global co‑head of the private fund group at Credit Suisse; Kelly Labritz, of counsel at Covington & Burling; and Stephanie R. McCavitt, GC at EagleTree Capital. This first article in a two-part series details the panelists’ insights on the current fundraising landscape; how the growing focus on environmental, social and governance is affecting PE funds; and potential shifts in bargaining power between GPs and LPs (e.g., GP removal, investment limitations, etc.). The second article will cover ways that evolving market dynamics are affecting negotiations of key PE terms such as management fee rates, access to co‑investments, flexibility for future GP‑led transactions, limits on recycling and the breadth of side letters. For coverage of other recent PLI panels, see “Conflicts From Managing Multiple Funds and Other Current Challenges to Effective Compliance at PE Funds” (Nov. 30, 2021); and “Recent Speeches Outline the Ethos, Direction and Priorities of the SEC’s Division of Enforcement Under Gurbir Grewal” (Nov. 16, 2021).