Hedge fund launches exceeded liquidations in Q1 2018 for the third consecutive quarter, as both launches and liquidations fell through early 2018, according to the latest HFR Market Microstructure Report, released today by HFR. An estimated 158 funds launched in Q1 2018, down from 190 in Q4 2017, the lowest quarterly new launch total since 153 funds were started in Q4 2016.