Three-quarters of the world’s hedge funds manage less than $500m in assets. But the mainstream media tends to focus on multi-billion-dollar firms.

So I sat down with Tom Kehoe and Drew Nicol, hosts of the Long-Short podcast, to dive into the often-overlooked world of emerging hedge funds – from the costs of running a fund, to the milestones firms must hit on their way to becoming billion-dollar managers.

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