The hedge fund landscape has evolved, with larger multistrategy firms like Millennium, Citadel, Point72, and Balyasny now outperforming smaller funds, reversing a previous trend where newer, smaller managers were favored. These large firms have dominated fundraising and talent acquisition, causing significant challenges for smaller funds. The industry now sees a concentration of capital and talent that is unprecedented, as smaller firms struggle to adapt to these new realities while also managing growth plans and investor relations amidst tightening fundraising conditions.
For the first time, scale benefits both the manager and the LP, resulting in four managers with overwhelming clout.
The fundraising environment has shifted dramatically, leaving smaller multistrategy funds struggling to compete with large firms for capital.
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