Are there hedge funds that do not function as capital appreciation vehicles but explicitly offer alternative "payout" structures? One might be a fund that frequently pays out all profits and acts as an income bearing fund (not in the sense of bonds but because their strategies cannot use the excess capital, for example); another might be a extremely high risk fund that functions more like a call/put option that could return very high multiples but with large chance of drawdowns? Are there any well-known examples of funds of this type?
Not sure this is one: Q Dividents/Distribution - Directors intend paying franked dividents from Pengana Managers Limited on a semi-annual basis. Distributions from the pengana Managers Trust are intended to be paid semi-annually. UQ http://www.pengana.com.au/HedgeFunds.html (In the download of Pengana Managers Limited Prospectus)