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The Emerging Manager

What it actually takes to start, raise for, and survive as an emerging hedge fund manager.

What Is Operational Due Diligence for a Hedge Fund?

The part of diligence that has nothing to do with your strategy, and the part most likely to end your raise.
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What Fees Can an Emerging Hedge Fund Charge in 2026?

Two and twenty is a museum piece. What you can actually charge depends on your strategy, your size, and how much conviction you can put in front of an allocator.
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Hedge Fund Seeding: How Do Seed Deals Work?

The trade is simple to state and hard to price: someone backs your business early, and takes a piece of it forever.
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How Emerging Hedge Fund Managers Raise Their First Institutional Capital

The path exists. It just runs in the opposite order to the one most managers walk it.
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Running a Hedge Fund as a Business: The Second Job

You launched a fund and accidentally became the COO and the IT department. An hour and a quarter with Søren Hæstrup on the business you actually started, and why most…
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What Operational Mistakes Kill Emerging Hedge Funds?

Bad trades close fewer funds than bad operations. The failures are almost always avoidable, and almost always the same ones.
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What Is the Breakeven AUM for a Hedge Fund?

The number allocators use to decide whether your business survives a flat year. Most managers either skip it or calculate it wrong.
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What Is Capital Introduction, and How Does It Work?

The market runs on introductions, not pitches. Here is what the term actually covers, who provides it, and what a real introduction consists of.
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You’re Talking to the Wrong Investors

Six hundred meetings in. The mistake almost every manager makes.
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It Pays to Lurk

The people deciding on your fund watch for months and never say a word.
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Easier to Get In. Harder to Deserve It.

Appetite is up. The bar didn’t drop, it moved to operations, cost, and how you get found.
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Everything written about managed accounts is for the investor. Not this.

Managers think they know what they’re signing. Allocators think they know what they’re buying. Both are usually wrong about the same thing.
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You Lost That Meeting Three Weeks Ago. You Just Don’t Know Yet.

Where your capital raise leaks: follow-up, the CRM, speed to materials. And what it looks like sealed.
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You Automated the Alpha. You Haven’t Automated the Raise.

Most emerging managers automated the portfolio. The capital raise is still being run like it’s 2015.
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Your Track Record Isn’t What You Think It Is.

Five levels of credibility, and most emerging managers sit lower than they think.
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You Say You’re Different. You Look Exactly the Same.

Allocators meet hundreds of managers a year. Most of them blur together.
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You Talked for an Hour. That’s Why They Didn’t Call Back.

I want to tell you about two meetings. Same week. Same type of strategy. Both managers had respectable track records, clean infrastructure, reasonable AUM targets. On paper, roughly interchangeable. The…
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Performance Gets You the Meeting. It Won’t Get You the Cheque.

A few weeks ago I was on the phone with a macro manager. Good track record. Solid Sharpe. Two years of live returns on personal capital, clean and verifiable. He…
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What 25 Years of Watching Hedge Funds Launch Taught Me

A capital introduction expert on the mistakes, fears, and the 1-5% rule of hedge fund fundraising.
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