Strong headwinds continue to create a challenging market environment, which is proving to serve as a formidable obstacle for many private fund sponsors as they seek out capital. The conditions favor large managers with sufficient weight to hold their course and smaller managers that tuck into certain niches, while others try to withstand the environment until frothiness returns. That tension also manifests in key PE fund terms, as LPs exert their newfound leverage to push for fee discounts where possible. Those and other private fund trends were addressed by an expert panel at Morgan Lewis’ recent “Advanced Topics in Private Fund Practices Conference: Manager and Investor Perspectives,” which featured partners Ruoke Liu, Daniel A. Losk and Stephen C. Tirrell. This article summarizes key insights and takeaways most relevant to PE sponsors regarding the fundraising environment, status of key fund terms and considerations when managers use continuation funds to generate liquidity. For additional insights from Morgan Lewis attorneys, see our two-part series: “LP Perspective on Negotiating PE Terms and Structuring Bespoke Vehicles” (Feb. 1, 2022); and “Tax Issues, China, Trade and Sanctions” (Feb. 8, 2022).