The 13th annual Global Alternative Fund Survey published by EY examines broad trends in the alternative investment industry, including ever-shifting allocation preferences, growth prospects, talent management and the impact of technology, juxtaposing the perspectives of hedge fund and private equity (PE) managers on the one hand, with those of their investors on the other. It also compares how hedge fund managers and PE managers address key issues. This two-part series summarizes the survey’s key findings and includes additional insights from one of the authors of the survey. This article explores allocation preferences; investor and manager business priorities; and asset growth, including non-traditional hedge fund products, separately managed accounts and responsible investing. The second article will cover talent management; diversity and inclusion; use of technology, big data and artificial intelligence; cybersecurity; and potential industry disruptors. See also our coverage of EY’s 2018 Survey; 2017 Survey; 2016 Survey; and 2015 Survey.