Seventy-five years ago, the first hedge fund – A.W. Jones – was launched. Founded by journalist Alfred Winslow Jones in 1949 with the assistance of attorneys at Seward & Kissel, the investment fund launched with a mere $100,000 in capital and was unique at the time because it used a “hedged” strategy, making it a “hedged” fund. The Hedge Fund Law Report spoke with Patricia A. Poglinco, partner at Seward & Kissel and co‑head of the firm’s investment management group, and James Cofer, managing partner and head of the firm’s tax practice, about the launch of the first hedge fund, how the private fund space has evolved since then, current trends in the space and what future developments might occur. This article shares this discussion. For more insights from Poglinco, see “Navigating the New FinCEN Beneficial Ownership Reporting Regime” (Feb. 15, 2024); and “Compliance Issues Associated With Advisers’ Integration of ESG Criteria” (Mar. 31, 2022).