Single-asset funds pool capital from multiple investors to invest in a single security, transaction or acquisition. As managers continue to explore offerings beyond traditional strategies and fund structures, they frequently pursue opportunities through vehicles designed to acquire a single asset. Distinguished from funds that invest in many assets and transactions, single-asset funds involve unique legal, regulatory and operational challenges. In a guest article, Lowenstein Sandler partner Eileen Overbaugh examines those challenges, including in the context of structure; fees and expenses; term and liquidity; and follow-on investments and restructurings. See “Operational and Tax Challenges of Hybrid Funds” (Nov. 5, 2019); and “Fund Managers Turn to Hybrid Fund Structures to Reconcile Fund Liquidity Terms and the Duration of Assets” (Feb. 4, 2009).