Tiger 21 members' allocation to hedge funds dropped to 2% from 12% over the past 16 years, data from the network showed.
"Our members realized they could do better on average with more exposure to index ... with more liquidity and less fees, and likely higher returns over the last decade," said Michael Sonnenfeld, founder and chairman of Tiger 21.Hedge funds are "dead" as an investment class for the super rich, said Michael Sonnenfeld, founder and chairman of Tiger 21 — a network of ultra high net worth investors and entrepreneurs.
"Hedge Funds are dead as a doornail — maintaining a steady position at 2% as members have limited their investment in this sector over the last decades," Sonnenfeldt said, adding that investors could get a similar exposure with less fees by investing in index funds, or going into private equity. Hedge funds are actively managed funds with a focus on non-traditional assets and employ risky strategies. Hedge fund returns have