Some hedge fund managers want to take investors' money and run with it. Others just want to take the money and run. Offload. Sell the business and make for the exit door.
If hedge funds followed the same cycle as a non-financial, small business, it would be the reasonably seasoned managers who could consider finding a buyer, cashing in and moving to the Caribbean. Start-ups will traditionally achieve exits for their seed investors six to seven years after inception - the successful ones, at