High Watermark

Looking to join a SM HF in the next couple of years. Any advice on how to think about the high watermark funds need to achieve after a year like 2022? I think it’ll be hard for funds like Tiger, Light Street or Altimeter to come back after 40-50%+ down, but how about the folks that are down ~15-20% in-line with the market? If I get guarantees for the next couple of years as they work to get back in the money, is it worth it to join at the bottom?

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