Welcome to our January 2023 Horizon Scan, where we focus on some of the principal recent and expected developments and changes that we expect to be of interest to those in the non-listed funds sector. We have grouped the topics under the following headings: UK funds; sustainable finance (UK, EU, and US); regulatory issues (UK and EU); tax topics (UK and EU); and US specific developments (for non-US fund managers marketing in the US and other than ESG). At the end we have set out additional topics and anticipated developments to look out for this year, also likely to impact the private funds industry but which, in the interests of trying to be as succinct and focussed as possible, we have not covered in any detail.