Hedge funds' biggest investors might have to sell out regardless of performance. Here's why one investor is 'deeply worried' about the business risks the industry is facing.

· Hedge funds have, on average, weathered the market turmoil caused by novel coronavirus relatively well — with a few types of funds producing some of their best returns in years.
· But liquidity crunches at institutional investors like endowments and pensions may mean redemptions are on the way no matter what.
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