Historically, PE and private credit seeding has been rare compared to seed investments into hedge funds. Although hedge fund seeding continues to dominate the space, PE and private credit are building significant momentum and molding traditional seed transaction terms to suit the unique features of those asset classes. The growth of PE and private credit seeding - and other related trends - were observed and discussed in Seward & Kissel’s tenth annual study on seed transaction deal points for hedge funds, PE and private credit for the 2023 observation period (Report). This article summarizes key takeaways for PE and private credit managers from the Report, with additional analysis from Seward & Kissel partner Gerhard Anderson, one of the co‑authors of the Report. For insights from Anderson, see “The New Trend in PE Fund Seed Investments, Unique Deal Features and Several Options for Seed Sources” (Mar. 17, 2020).