In July 2026, Seward & Kissel released the 12th annual iteration of its seed transaction deal points study (Study) covering seed deal activity during 2025. “The biggest thing we noticed – and at this point have been tracking for a few years – is a flattening of the trendlines for many key provisions, such as lockup duration,” which could be a reflection of equilibrium in the market, C. Gerhard Anderson, III, partner at Seward & Kissel and lead author of the Study, told the Private Equity Law Report. As in prior years, the Study covers key seed deal terms, including working capital support; revenue share structures, sunsets and buyouts; lockups; non-compete and other key person provisions; and other terms designed to protect seeders’ economic interests. This article parses the Study, with additional commentary from Anderson. For coverage of a previous Seward & Kissel study, see “Trends and Key Drivers in PE and Private Credit Seeding Transactions” (Jul. 11, 2024).