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Your main understanding is about as much as I know. Following to see if I can learn more as well. Hedge fund investors seem to lean into a lot more collaboration, communication, and creative problem-solving.
I have been told alongside main responsibilities such as investor queries, documentation/accounting sent to investors, fundraising support etc, that GPs in private markets (excl hf) care more about timing of raises based on assets available in the market/when competitors have acquired what, as well as not fundraising in a crowded market (when many other gps are raising)
But with HFs having unique strategies with public assets as well as always being happy to take on capital, maybe just with some lock up periods, these previous points are less relevant