In the fourth quarter of 2021, AIMA, in conjunction with Cowen, conducted a short questionnaire on the next generation of hedge fund managers (which we describe as hedge funds running up to $500 million in assets under management (AUM), also known as ‘emerging managers’) and those that invest in them. This report acts as an update to a report last published in 2017 which sought to better understand how these fund managers operate their business.

Key areas of focus include fees charged by funds, average headcount of the fund, costs (including the estimated breakeven costs) of running a fund and the average length of time to close on a new investment. The report to follow is broken down into two key sections. Part one will highlight the key findings that we extrapolated as it  relates to all the flagship funds of the fund managers who responded to this survey, while part two discusses the key findings of their firms. Where relevant, we offer a time series analysis of how the responses have changed since our previous like-for-like survey in 2017.
 

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  Tom Kehoe

  Managing Director, Global Head of Research and Communications, AIMA

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  Lawrence Obertelli

  Head of EMEA Prime Service Sales, Marex