> The vast majority of hedge fund clients are high net worth individuals, with very few pension clients for the typical hedge fund. This is definitely not the

> The vast majority of hedge fund clients are high net worth individuals, with very few pension clients for the typical hedge fund. This is definitely not the case if you are talking in terms of the % of AUM. For all the hedge funds that I know about the vast majority of their AUM comes from institutional clients like pension funds. For big hedge funds even by number of investors the majority is probably institutions because they don't encourage individual clients and instead target their marketing at institutions so they can raise more AUM. Source: worked in the securities division of a major wall st firm for 8 years and had a lot of hedge fund clients, then worked for a hedge fund startup. Have close friends who have launched 2 hedge funds and have seen the whole process for them including cap intro etc. Worked at a software company where one of my clients was one of the largest hedge funds in the world so spent a bunch of time embedded onsite at that fund.