By Lydia Tomkiw

Different time horizons and cultures in private equity firms and hedge funds have led to some mismatches as private equity shops expanded their alts offerings, says Stuart Blair, director of research at Canterbury Consulting. With private equity shops used to pulling levers and hiring talent to improve performance, they have less control over hedge fund portfolio managers running their own strategies.

“When there are synergies to be had is where it works or can work quite well,” he says, pointing to matches on the debt side between private equity firms and hedge funds.

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