MJ Hudson reviewed the fund documents of a significant sample of the PE and venture capital funds that either came to market or raised capital in 2019 (Applicable Funds). Although some of the Applicable Funds had a final close in 2020, the data MJ Hudson surveyed is drawn from the fundraising market before the emergence of the coronavirus pandemic. In light of that, it serves as a snapshot of what the pre-pandemic PE market looked like and, over time, what it may return to when the dust settles. The research addressed funds’ key terms in four primary areas: economics, alignment, governance and investment strategy. The first report from that effort examines the core economic terms governing private funds – including GP clawbacks, hurdle rates, fee step-downs, recycling provisions and more – and analyzes trends and drivers affecting those terms. This article summarizes MJ Hudson’s key findings. For coverage of the previous edition of MJ Hudson’s research report on funds that came to market or raised capital in 2018, see “Trends in PE Funds’ Core Economic Terms and Adoption of Recent ILPA Recommendations” (Sep. 24, 2019).