Now that hedge funds are getting crowded with institutions and smaller investors, the ultra-wealthy are getting crowded out.Not only have funds emerged that have initial investments as low as $25,000, but two of those new funds successfully raised initial capital through public sales of stock in early 2006.

Although exact ownership percentages of the entire market are as opaque as the average black-box trading strategy, the early participation of family-office-type clients means that they still own most of the $1.2 trillion in hedge fund assets. Trying to keep ahead of the competition, the ultra-wealthy are turning to new strategies to keep the edge.

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