Four findings that decide who gets allocated
Operational diligence, not performance, is the first thing that stops an allocation — and 73–75% treat absent independent administration as an outright disqualifier.
Average breakeven is $82.9M. The average allocator will not look below ~$94M. Somebody funds 12 to 30 months of losses in the gap, and it is you.
The annual audit is market-expected rather than legally required only because the rules were struck down. Fourteen further proposals were withdrawn.
The administrator charges a $10M fund what it charges a $100M one. Fixed costs in this business are regressive, and the emerging manager sits inside the regressive zone.
What allocators check.
What Hedger produces.
Shadow NAV, struck in parallel
Your administrator strikes the official NAV. Hedger strikes it again from prime broker data on the same calendar and shows every difference. 90% of Western allocators expect a shadow book, and the source data is already sitting in your broker's API.
Three-way reconciliation with a paper trail
Prime broker against your book against the administrator: positions, cash, trades, corporate actions, financing accruals, dividends. Breaks are logged, assigned and closed, so exception management is evidence rather than an email thread.
One answer bank, checked against your documents
A first full AIMA questionnaire runs 40 to 100 hours, then 10 to 40 hours again per allocator, and 59% of institutional investors now send bespoke rather than template DDQs. Hedger keeps every answer linked to its source and flags anything that drifts from the PPM, the LPA or the administrator's records.
Every hard deadline on one calendar
NFA reaffirmation on 2 March, K-1s on 15 March, Form ADV on 31 March, audited financials inside 120 days, Delaware entity tax on 1 June, IARD renewal in early December. Miss the 4.13(a)(3) reaffirmation and the exemption lapses on its own.
Launch mechanics in the order they actually bind
Delaware filings, three EINs, then ten silent business days of IRS-to-bank propagation before KYC even starts: 34 to 48 days of plumbing no vendor controls. Hedger sequences around it, including the one deadline that costs a year — engaging the auditor before fiscal year end.
By the numbers
Allocators who name ODD their first barrier
AIMA/Marex 2026 · n=50 investors
Average breakeven AUM, up 18% since 2024
AIMA/Marex 2026 · n=180 managers
Average allocator minimum fund size
AIMA/Marex 2026 · was $151M in 2022
Built for the deadlines that do not wait
- 2 Mar
NFA 4.13(a)(3)
Annual reaffirmation. Miss it and the exemption lapses on its own.
- 15 Mar
Form 1065 + K-1s
Partnership return, and every investor needs their K-1 to file.
- 31 Mar
Form ADV
Annual updating amendment, 90 days after fiscal year end.
- 30 Apr
Audited financials
120 days after fiscal year end. 180 for a fund of funds.
- 1 Jun
DE entity tax
Delaware franchise tax, due for the fund and the general partner.