For eg. You have a hedge fund. You raised $100 million in the first round. 6 months later, your fund's return stands at 50%. You think of raising more money. So you raised $500 million in the second round. 6 months later, your fund's return drops to 20%. So after 12 months, how do the fund distribute the returns among the 2 sets of investors. Does this mean: 1st round investors enjoy 20% profit before fees and 2nd round investors suffer -30% losses before fees?