There is one surprising secret that even long-time veterans of the industry may find it hard to believe: Hedge funds love to talk.
Not in the traditional sense, of course, of television interviews or sit-down spreads in the Sunday newspaper. But a large proportion of funds, in particular the ones with the most assets, employ outside public relations firms to shape their reputations among civilians and potential investors alike.
With the JOBS Act's potential to thrust certain funds further into the public eye (should they desire), Absolute Return conducted an inaugural ranking of the providers who do this painstaking work. Of 268 firms on the Billion Dollar Club list, at least 96 firm managing a total of $737 billion (52% of BDC assets) employ PR firms, encompassing 18 different providers.
This figure, calculated here for the first time, likely understates the true total, as some hedge fund firms...