NYAIR Episode 42
The Hedge Fund Industry Matures –A 30 Year Veteran on What’s Next
In this tactical NY-AIR episode, industry veteran Andrew Gitlin (President, Pamco Launchpad & Atlantic Aligned Investors) shares his unparalleled experience on what it takes for emerging hedge fund managers to succeed amid rising barriers, shifting capital flows, and escalating institutional expectations. With host Robert Akeson, the conversation explores strategies for launching and scaling hedge funds, aligning interests, and mitigating operational risk for both investors and managers in the “next wave” of alternatives.
Featured Guests
Andrew Gitlin
President, Pamco Launchpad & Atlantic Aligned Investors
Andrew Gitlin is a pioneer in the hedge fund seeding and allocator space, with a track record spanning the launch and leadership of institutional investment platforms at AIG, Chase Manhattan, and Launchpad. He has seeded and scaled billion-dollar funds, partnered with major public pensions, and guided the new generation of portfolio management talent. Andrew is also the author of "Strategic Currency Investing," and continues to serve as a leading voice in alternative investments, portfolio construction, and operational due diligence.
Key Insights From This Episode
Hedge Funds: From “Lost Decade” to New Opportunity
The post-crisis bull run diminished the relative value of hedge funds—but pandemic-driven volatility, new flows, and demand for diversification are creating a new cycle of opportunity for active management.
Institutionalization Is Everything
Modern seeding—and survival—requires teams that can build real businesses, not just portfolios: the right infrastructure, governance, business continuity, and operational acumen are now as mission-critical as investment skill.
Big Capital, Small Pools: The Alpha Conundrum
Smaller funds generate more alpha, but institutions bring the biggest checks—solving this paradox means creative structures, larger tickets, and alignment across revenue share, founder classes, and operational partnerships.
Fee Structures: Rationalization and Alignment
Founders’ share classes, revenue splits, and lower headline fees are normalizing economics for institutions—leading to a future where true value add, not historic fee premium, drives success.
Mitigating Business Risk for Emerging Managers
Seeding platforms now play a pivotal role in recruiting, onboarding, and systematizing all non-investment functions (ops, compliance, risk, tech) so managers can focus on alpha and institutions can invest with confidence.
Access the Full Conversation
Get the complete episode and a downloadable insights deck—offering detailed frameworks for manager selection, due diligence, business risk mitigation, and tips for both new managers and institutional investors considering the seeding/LP route.
Soundbites Worth Saving
“The lifeblood of the hedge fund industry is always fresh talent—but for that to work, you need institutional and other investors ready to support them with real capital.”
— Andrew Gitlin
“We’re heading into a new cycle where smart, nimble hedge fund managers can add value again—for the right investors, with the right business model.”
— Andrew Gitlin
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