Hedge funds are "dead" as an investment class for the super rich, said Michael Sonnenfeld, founder and chairman of Tiger 21 — a network of ultra high net worth investors and entrepreneurs.
Tiger 21 members' allocation to hedge funds dropped to 2% from 12% over the past 16 years, data from the network showed.
Currently, private equity takes up the largest allocation of Tiger 21 members' portfolio at 29%, followed by real estate investments at 27%.
Hedge funds have a 2% allocation.
Tiger 21 has 106 groups in 46 markets.
Persons:
Michael Sonnenfeld, Sonnenfeldt
Organizations:
Tiger