Strafford CLE Webinars recently hosted a program to address current tax trends and issues relevant to investors in private funds, including developments in IRS programs; the rise of “fair share” tax policies; key questions for investors going into a fund; fund structuring and tax implications; critical provisions in fund agreements and side letters; and potential negotiating strategies. The program featured Skadden partner Kathleen Saunders Gregor and managing partner at Touchstone Strategic Law, Elizabeth M. Norman. This first article in a two‑part series focuses on current trends and investor‑specific tax issues addressed during the program. The second article will explore the initial considerations, economics and negotiating strategies for private funds LPs. For coverage of previous Strafford programs addressing tax issues relevant to private funds, see our two-part series: “Importance of Diligencing Transfer Restrictions in Secondaries to Avoid PTP, REIT and Other Negative Tax Issues” (Sep. 29, 2020); and “The Need to Parse Tax Elections, Allocate Taxes and Obtain Withholding Certificates Early in a Secondary Transaction” (Oct. 6, 2020).