Equity funds beat other strategies in 2003 as the U.S. just stays ahead of Europe and Asia in the new fund game writes Katrina Dean Allen
Most of the money raised by new funds in 2003 went to funds that were launched by managers who had previously worked for one of the big hedge fund groups, as record sums flowed into the biggest U.S. start-ups in the course of the year. Such was the concentration of asset raising that the top 73 start-ups raised $21.8 billion last year, according to research by Absolute Return.
Hot start-ups were able to hit capacity on day one in scenes not seen since the heady days of 2000. The key to capital raising was the pedigree of the manager with investors willing to plough vast sums of money into new funds, providing the managers had cut their teeth at one of the...