Like the title says, is it true that HFs are more willing to look at candidates who may have come from a non target or didn't begin their careers in the typical IB route? I've heard that they want anyone who can make them money, regardless of academic prestige etc. What kind of things differentiate these candidates without traditional backgrounds that gets them in the door?
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It's definitely more true, but it's honestly just because they don't have the same talent requirements other types of firms have. A place like Viking has what, 10 analysts? one seat may open every couple years. So they're not looking for a short cut to measuring intelligence (like what college you went to, etc.) but they're looking for who can make them the most money. Think about a BX or GS as the opposite, they're looking to fill ~100 seats each year, and going to Harvard is a pretty decent indicator of quality.
So do they care if you went to a state school? No. But if you did go to a state school, you have still have to know you're competing on brains with the 4.0's at HYP, and you have to show that you are more qualified for the job than they are.
I went to the buyside right from undergrad at a state school, but it was a much smaller fund. Those types of opportunities are always open.
Viking is a terrible example to give. Their standard hire is Ivy League with banking and/or PE experience.
Short answer: yes.
Academic prestige only helps because a lot of hedgies / long-only PMs went to the so-called target schools (still a sad reality), and people like to hire people who have similar background as themselves.
The best way to differentiate is show you think like an investor and can make them money.
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