Which funds never got off the ground?
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JPM is using a 40 act fund to get secondary exposure and Ardian is currently raising for their GP fund (although unsure of the status of this at the moment).
40-act? Dear god. Playing the retail game.
40-Act doesn’t necessarily mean what you think it means. Several hedge funds are classified/regulated as 40-Act mutual funds, but they definitely don’t behave like typical mutual funds.
Also, what is there to scoff at about pursuing retail investors / HNW investors? This is becoming more and more common as institutional capital gets harder to tap and secondaries is the natural first place for this to occur given the higher rate of distributions. If it gives you capital and fees… who cares where the capital comes from.
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