We are pleased to present the fifth research paper in our series on the emerging hedge fund universe. In the first half of this year, AIMA and Marex Prime Services conducted research into the next generation hedge fund landscape through complementary surveys of hedge fund managers and investors allocating to these firms. Compared with previous years, this year’s report expands the scope of the findings to include firms managing between $500m and $1bn in assets under management (AUM) demonstrating the continued evolution and institutionalisation of the emerging manager landscape.

The report examines key trends from both the manager and investor perspectives, including fund fees, operational costs, fundraising timelines, allocator preferences, operational due diligence expectations, as well as the growing influence of artificial intelligence and separately managed accounts (SMAs).

The report also includes a dedicated breakout analysis covering sub-$100m managers (see page 22). This section explores how firms in the smallest AUM tier are adapting to a more institutional and competitive environment through earlier investment in infrastructure, increasing use of technology, evolving approaches to capital formation, and greater alignment with investors. The report is divided into two main sections – part one focuses on findings relating to the main flagship funds managed by the relevant firms, while part two examines broader firm-level observations.

Where relevant, time-series analysis has been included to illustrate how industry dynamics and survey responses have evolved over time.

We trust that you will find this report useful.

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  Tom Kehoe

  Managing Director, Global Head of Research and Communications

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  Lawrence Obertelli

  Head of EMEA Prime Service Sales, Marex