whitespace
Research
Plain-language notes on how hedge fund seed deals actually work, written for managers approaching launch. Every figure is sourced.
What a Hedge Fund Seed Deal Actually Costs
Revenue share versus equity, how much of the management company a seeder takes, standard lockups, and what a buyout costs.
Seeding, GP Stakes, and First-Loss Capital: What Is the Difference?
Who provides the capital, what they take, who absorbs the first loss, and which stage each structure fits.
The Seed-Deal Glossary: Founders Class, Capacity Rights, Sunset, Tail
The five terms that quietly decide how much of your firm's economics you keep, and how common each one is.
Do Emerging Managers Actually Outperform?
What the Preqin figures and the peer-reviewed fund-age study show, and the caveats that decide how much weight they bear.
How Seed Investors Actually Evaluate Emerging Managers
What a 2021 CAIA survey of 344 members says allocators weigh, and what tends to get managers turned down.
How Emerging Managers Raise Capital from Family Offices
How single and multi-family offices allocate, what the 2025 and 2026 surveys show, how long a raise takes, and why allocators pass.
Emerging Manager Programs: Who Runs Them and How to Qualify
Pension programs at New York City, New York State, CalPERS, Texas TRS, New Jersey, Maryland and Connecticut, with their definitions and check sizes.