Longevity is not a defining feature of the hedge fund industry. Wide performance dispersion, impatient capital, and a high fixed-cost base create a fragile equilibrium in which even short periods of underperformance or weak inflows can force closures. At first glance, the Nordic hedge fund industry appears relatively stable. Nordic hedge funds that shut down have exhibited an average lifespan of approximately 7.3 years, suggesting a reasonably durable ecosystem. Yet this headline figure is misle...
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