The returns have been very good with lots of "alpha" generation on the short side. It was surprising to see AUM not rise for a long time despite this (performance has been more notable since 2017). My understanding is that there has been tons of analyst turnover which means that senior types are a nightmare.

I cannot say from personal experience, but this is what I have heard from investors and from what I have seen in their materials (ie. returns and AUM). Hope this helps.

I used to do Asia-Pacific PE (kind of like FoF). Now I do something else but happy to try and answer questions on that stuff.
 

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