How evolving fund structures, investor requirements and cross-asset innovation are reshaping the hedge fund value proposition
Over the past two decades, hedge funds have been declared dead, reborn, disrupted and reinvented more times than most investors can count. Yet in 2025, the debate continues: are hedge funds still worth their complexity and cost?
This question cuts to the core of how allocators think about risk, liquidity and the boundaries between traditional and alternative allocations. Multi-strategy platforms continue to expand, becoming more and more like global asset managers, while specialized single-strategy funds fight to prove their worth in an environment where alpha is scarce and investor patience short. Meanwhile, fund-of-funds (FoHFs), once the default gateway into hedge funds, must justify their relevance in a price-conscious world that prizes direct access, as well as operational and cash efficiency.
What emerges is a more sophisticated industry that is simultaneously consolidating and fragmenting, becoming both larger and more niche.
You can now read the full whitepaper at the link below
