Traditionally, hedge funds stuck to the public market when it came to their allocations, but a new study from Goldman GS Sachs suggests that is changing. The firm reviewed more than 100 hedge fund managers with exposure to the private markets during the second quarter. Goldman Sachs CEO Lloyd Blankfein testifies before a Senate investigative committee on Capitol Hill ... [+] in Washington, DC, April 27, 2010. (Photo: JIM WATSON/AFP via Getty Images) Goldman Sachs notes that in the past, the capital formation process for companies has been pretty clear, with each stage having its own set of funders.