As the Russian assault on Ukraine drags on with no end in sight, fund managers are continuing to wrap their arms around the nuances and difficulties presented by the array of sanctions resulting therefrom. In the meantime, Japan and other Asian financial hubs are attempting to bolster their desirability among fund managers by adopting market-standard regulatory practices and fund vehicles. Those and other topics were addressed in a webinar hosted by Morgan Lewis featuring partners Giovanna M. Cinelli, Kenneth J. Nunnenkamp, Carol Tsuchida and Ethan W. Johnson. This first article in a two-part series examines investment restrictions and other impediments relevant to private funds from sanctions arising from the Ukraine/Russia war, as well as overall industry trends in Asia and emerging regulatory efforts in Japan. The second article will review developments in the marketing and environmental, social and governance (ESG) regimes in the U.K. and Europe, along with the latest on Shari’a-compliant funds and ESG efforts in the Middle East and North Africa. For additional commentary 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).