Hedge fund launches are at 18-year lows and emerging managers are facing an uphill battle for capital when compared to their larger, more established peers. According to the FT, “the composition of the hedge fund industry’s investor base has also changed over time. Allocations are now dominated by large institutional clients that have a bias towards larger managers. Competition to win seed capital is also intense so it is increasingly difficult for new managers.” In addition to industry headwinds emerging managers are often constrained by low headcount and limited bandwidth which impedes their ability to add new capabilities.