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Komfie Manalo, Opalesque Asia: The growth in the number of California-based managers has led to an increase in assets under management in the state, according to data provider Preqin. The private capital industry (including venture capital) has increased to $464bn as of the end of 2015, while hedge funds control $268bn worth of assets.
"While California is most famed for its venture capital sector, the state is seeing increased growth and diversification across the entire alternatives industry, and is certainly one of the most prominent areas of the US. The private equity industry is seeing strong activity, with fundraising in 2016 set to approach the record levels achieved in 2008, while a record number of hedge funds have already been launched in 2016. Private closed-end real estate is still in its infancy in California, but the past few years have seen strong fundraising and the industry looks set to expand," said Felice Egidio, head of venture capital Products at Preqin.
The firm’s latest research finds that although California is best known for its venture capital industry, the state has seen marked growth and diversification of its alternatives market, as other private capital and hedge fund managers are drawn to the area. The number of active California-based private capital firms has more than trebled since the start of 2000, and there are now a record 949 active fund managers. Additionally, 233 hedge fun...................... To view our full article Click here
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