7th Apr 2020 - 4:40pm 'Early bird' founders’ share classes in decline amid shifting investor incentives Submitted By Hugh Leask | 07/04/2020 - 4:40pm Founders’ share classes – which offer special terms to early bird investors in hedge funds – appear to be in decline, as investors become more selective in their allocations and managers potentially opt for more bespoke offerings, a new industry study has suggested.