Alternative investments are attracting ever more investors. According to the Chartered Alternative Investment Analyst (CAIA) Association, between 2003 and 2018, the size of the global investment…
There is no shortage of challenges for long term investors. The strong performance of risk assets in 2020 has further compressed return expectations, and there exists ongoing concern about (i) how…
The authors study the long-run outcomes associated with hedge funds' compensation structure. Over a 22-year period, the aggregate effective incentive fee rate is 2.5 times the average contractual…
