MJ Hudson recently released a report (Report) discussing the results of its research on PE and venture capital funds that either came to market or raised capital in 2019 (Applicable Funds). Although some of the Applicable Funds had final closes in 2020, the data reflects the market before the coronavirus pandemic. As a result, the Report provides insights into pre-pandemic practices and trends, which may serve as useful context for understanding developments that occurred during the pandemic as well as an indication of where the PE market may land in “new normal” conditions. The Report explores alignment and governance issues relevant to PE funds and examines trends emerging from MJ Hudson’s research over the years. This first article in a two-part series summarizes the relevant portions of the Report’s coverage of fund alignment mechanisms, including GP commitments, management fee offsets, successor funds and co‑investments. The second article will detail the Report’s findings on fund governance features, such as GP removal provisions; change of control provisions; key person events; most favored nation clauses; investor participation and consents; and transparency. For coverage of previous MJ Hudson reports, see “Trends in PE Funds’ Core Economic Terms and Adoption of Recent ILPA Recommendations” (Sep. 24, 2019); “Recent Trends in Key PE Terms Impacting Alignment of LP and Manager Interests” (Nov. 19, 2019); and “Trends in PE Fund Governance Terms and Implementation of Key Investor Protections” (Feb. 4, 2020).