tell me if you disagree with this statement: if as an emerging manager you are trying to raise capital just on your returns, you are sunk.
Something different by the sounds of it. Appointed rep schemes don't offer any leverage or capital, they basically offer hedge fund as a service - license sponsorship, legal, prime broker, audit, compliance etc. First loss isn't all that common here, there's one called Falcon and couldn't see much more but thanks for heads up
we also participated in commissions as well as 2 and 20 - but you need some decent returns to do that. if you use quartiles to estimate the 75 percentile gain of a move and then sell options against your future positions it generates a lot of commissions and brings in premium. plus park everything in t-bills now your cooking. only thing left is to do currency swaps to hedge devaluation of all the assets.