The fund of hedge funds reporting quandry

Performance reporting

For as long as sophisticated investors such as high-net-worth individuals or foundations represented the bulk of hedge fund investors, alternative investment strategies were regarded as absolute-return strategies and often characterised by a high level of opacity.

However, with the arrival of institutional investors, investment practices in the alternative industry have undergone a profound rationalisation process. Hedge funds must now abide by sensibly higher transparency requirements and t