Capital concerns lay seeds for incubators


But there's more of them, so terms are getting better

The flow of assets into new hedge funds is on the increase, and more and more innovative - and even esoteric - strategies are popping up all over the industry. But emerging managers are paradoxically finding it harder than ever to raise money. If you don't have the pedigree and track record of a William von Mueffling or an Eric Mindich, it's a struggle. "This is the most difficult environment for raising capital that I have ever seen," says Bob Leonard, head of global capital