Stephen Cranston Associate editor

Normally at this time of year I write on the hedge fund industry based on the results of the Novare survey. It shows how much assets have grown and which are the popular strategies. Unfortunately, Novare has changed the cut-off date from June 30 to December 31. It always sends a bad signal when a company changes its year end, and this is no different. It comes at a time when hedge fund assets have been falling on  poor returns. This has to be good news for the other large category of alternative assets, private equity. Private equity has taken the high ground. It helps that the Southern African Venture Capital and Private Equity Association (Savca) has had three excellent CEOs in JP Fourie, Erika van der Merwe and Tanya van Lill. Hedge funds do not even have their own association anymore; they are covered by an ad hoc committee of the Association for Savings & Investment SA staffed by volunteers. There is an illiquidity premium for private equity that must be held for seven to 10 ye...

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