So...just how permanent do you think your capital is?

'Permanent capital' has been the buzzphrase of the hedge fund industry for a number of months. The idea behind it is that, by raising money through a subscription period and listing a closed-ended fund to hold it, the manager can concentrate on running money while investors can come and go by buying exchange-listed shares in the company daily.

This obviously ties in nicely with the move by hedge funds into less-liquid strategies where they may need money secured for longer periods. Accessing