The term 'institutional investor' covers a broad range of attitudes, ranging from some of the most sophisticated investors in alternative assets to some of the most cautious. US endowments fall into the former category of these, with many, such as Yale (which distributes around 45% of its assets among hedge funds) making very sizeable allocations to hedge funds. UK pension funds allocate an average of 1%, and there are groups even more sceptical than this.
Obviously, it takes longer for a com
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