Hedge funds, as I've said before are a waste of your time, money, and hopes. More and more are shutting down and all evidence points to Hedge Funds being perenial under performers, not outperformers. In addition, the risk is often not quantifiable. Do yourself a favor and don't waste your time.
Just so you don't think I dislike hedge funds because I can't make money off them (I don't make money off selling investments anyway, I earn my fees by providing advice), I could easily recommend hedge funds to my clients. I don't because I don't feel they are in my clients best interest.
Scott Dauenhauer, CFP, MSFP