The Alternative Investment Management Association and Marex Prime Services (together, AIMA/Marex) released the results of their fourth emerging manager survey, which encompassed significant cross-sections of emerging hedge fund managers and the investors that allocate to them. Among other notable findings, AIMA/Marex found little change in average management and performance fees, as well as improved operating expense ratios but longer investor closing times since 2022. “This year’s research highlights the remarkable resilience and adaptability of small and emerging managers. Despite higher costs and intense fee pressures, these businesses continue to stand strong, attract investors and expertly manage expenses to stay ahead,” said AIMA managing director Tom Kehoe in the press release announcing the report. This article distills the key takeaways from the report. See “New Hedge Funds: Short‑Term Challenges Create Long‑Term Views” (Jun. 6, 2024).