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From Kirsten Bischoff, Opalesque New York:

While global macro and emerging markets hedge funds may be the current darlings of the asset raising world, long/short equities continues to be the largest strategy in hedge funds, and despite lagging returns across the industry (BarclayHedge is reporting equity long/short funds at -0.96% (est) for June bringing them to +0.82% YTD), there are plenty of long/short funds that have delivered the gains to maintain investor confidence.

In fact, recent research from Preqin shows that investors that are expecting to commit to hedge funds in the next year are largely expecting to place those allocations into equity long/short strategies. Being a North American-based manager will help, and most are also looking for track records of over three years and are open to investing in funds with less than $100m in assets.

In light of these demands, investors may be on the prowl for a fund like Raging Capital. Opalesque has learned that the New Jersey-based firm reported to investors net returns of +28.3% for the first half of 2011, which brings the funds’ annualized gross returns to +33.4% per year, since inception. (See previous coverage of Raging’s +134% returns in 2009: here).

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