Fund launches & closures

New funds survey

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A record $19.5 billion obscures a more ominous truth: Launches are down more than 50%, with 71% of the money at the top five funds

By Britt Erica Tunick

New hedge fund launches in the United States amassed a record $19.5 billion during the first half of 2008. Unfortunately for managers looking to strike out on their own, that figure is only a paper moon. The number of new funds with assets of $25 million or more is down by more than half, launches are being postponed right and left, and a big chunk of that $19.5 billion is Goldman