CASE FOR INVESTING WITH ENTREPRENEURS

There are multiple studies citing the outperformance of emerging asset managers. For example:

The Performance of Emerging Hedge Fund Managers by Rajesh K. Aggarwal Northeastern University and Philippe Jorion, University of California, Irvine - Paul Merage School of Business (2008)
Preqin Special Report: Making the Case for First-Time Funds (2016)
Opportunities investing with early lifecycle Hedge Funds: A Preqin & 50 South Capital Study (2019)
Performance of Emerging Fixed Income Managers paper
Early Lifecyle Hedge Fund Performance (Preqin, 2025)

Early Lifecyle Hedge Fund Performance (Preqin)

Method & Overview, Preqin:

Early lifecycle hedge funds are determined by the launch date of a fund manager’s first-time fund across any fund tracked by Preqin. Any hedge fund managed by this firm within the first three years of this launch would be appropriately pooled within an Early Lifecycle Manager Hedge Fund Benchmark. Once this three-year threshold had been satisfied, all hedge funds managed by this firm would transition and be represented in the Established Hedge Fund Benchmark. For this study, a total of 712 unique hedge funds across 554 unique hedge fund managers were analyzed for the construction of the Early Lifecycle Manager Hedge Fund Benchmark, which encompasses 15,301 individual net monthly return data points to generate the benchmark track record from January 2018 until January 2025. In addition, the Established Hedge Fund Benchmark utilized performance data across 2,718 unique hedge funds across 1,323 unique hedge fund managers amounting to 121,095 individual net monthly return data points.

Revisiting ‘stylized facts’ about hedge funds*, by Juha Joenvääräa, Robert Kosowskib, and Pekka Tolonenc (2012)
PERTRAC - Impact of Fund Size and Age on Hedge Fund Performance (2011)
Other non-public sources include Goldman Sachs Prime Services data (2022) and Pitchbook (2023)

CASE FOR INVESTING WITH ENTREPRENEURS

There are multiple studies citing the outperformance of emerging asset managers. For example:

The Performance of Emerging Hedge Fund Managers by Rajesh K. Aggarwal Northeastern University and Philippe Jorion, University of California, Irvine - Paul Merage School of Business (2008)​

Preqin Special Report: Making the Case for First-Time Funds (2016)

Opportunities investing with early lifecycle Hedge Funds: A Preqin & 50 South Capital Study (2019)

Performance of Emerging Fixed Income Managers paper

Early Lifecyle Hedge Fund Performance (Preqin, 2025)

​ Early Lifecyle Hedge Fund Performance (Preqin)

Revisiting ‘stylized facts’ about hedge funds*, by Juha Joenvääräa, Robert Kosowskib, and Pekka Tolonenc (2012)

PERTRAC - Impact of Fund Size and Age on Hedge Fund Performance (2011)

Other non-public sources include Goldman Sachs Prime Services data (2022) and Pitchbook (2023)

The Performance of Emerging Hedge Fund Managers by Rajesh K. Aggarwal Northeastern University and Philippe Jorion, University of California, Irvine - Paul Merage School of Business (2008)

Early Lifecyle Hedge Fund Performance (Preqin)