Today we're joined by Megan Nicholson, Partner of ImageArb and a two-decade veteran of hedge fund capital raising across Lehman Brothers, Barclays, and Jefferies.
Megan breaks down how the hedge fund space actually works, what institutional allocators are looking for that most individual investors never think to ask, and why the access and intelligence gap is the real risk for HNW investors trying to evaluate this asset class on their own.
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Key Topics Covered:
• Why hedge fund AUM hit $5 trillion in 2025 — and why most people think the opposite
• How net exposure, leverage, and hedging actually work across different strategy types
• What institutional allocators look for when evaluating an emerging manager
• Why repeatability of process matters more than peak returns
• How fee structures differ across long-short equity funds, multi-strat platforms, and separately managed accounts
• The food chain from friends-and-family capital to sovereign wealth — and what each tier requires
• Why most HNW investors need to think twice about their hedge fund access points
Valuable Links:
• Subscribe to Navigating Wealth Newsletter: https://www.longangle.com/navigating-wealth-podcast
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• Connect with Megan Nicholson on LinkedIn: https://www.linkedin.com/in/megan-nicholson-7b443b8/
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Long Angle is a private, vetted global community of accomplished entrepreneurs, executives, and professionals who have reached meaningful financial milestones and want to navigate wealth with peers who understand their challenges, opportunities, responsibilities, and ambitions.
Hosted by the founders of the Long Angle community, Navigating Wealth explores how experienced investors, founders and operators actually approach the real questions wealth creates — from private markets and capital allocation to business exits and life design.
