国内私募，对冲对于投资者最小投资是有限制的，100万以上一个。 看到上面有些误区，我根据我的经验和看到的情况给点儿建议： 1、初始资金可以是自己的或者是亲戚的，最好是自己的，要不然容易有麻烦。 2、有一定盈利以后，你就拥有了交易记录，这时候你有两个选择，自己接着做，或者与其他方合作进行杠杆化（融资、代理操盘等都属于杠杆化） 3、如果是后面的杠杆化，直接去找相关机构，他们这方面有广泛需求，很多时候，你能保证不赔，年10%人家就知足，不过现在国内情况是30%。这个不用你有什么背景或者多知名，或者什么股神期神。 4、继续做大的话，当然实际情况是到这个阶段大部分人都没法进一步发展，这里面其实需要企业家精神，做过企业的应该有感触。你需要设立机构，然后通常情况是进行私募/阳光私募/对冲。这时候要注意的就是从一开始你要建立合规的框架基础，光顾赚钱，到时候跑路就追悔莫及了。 5、再大的话，你又有两个选择，要么你的策略接近失效或者本身丧失盈利能力，那么你肯定需要加大营销力度，聘用阶段2-3的人，靠管理费，这时候只要你挪用资金或者违规交易，冲动交易，最后结果都很惨，稳稳当当做的话，反而还可以混日子；要么你的策略和思想很优秀，那么你肯定会考虑返回到封闭式运作。当然，其实也有一直都封闭式运作的，比较少，信息披露也少而已。 还有就是，永远不要低估市场风险和高估投资者的能力。
Kuhasu's excellent post pretty much says it all. I have a good example here. Our firm was talking with Taiwanese Labor Pension Fund at one point. They were looking to allocate 600mil to 2 equity fund managers with 300 each. And they require that: 1, the applicant manager must be established for more than 3 years; 2, the market value of the applicant manager's clients' aum shall be no less than 5bil worldwide; 3, the applicant manager need to provide the investment performance for the past 3 years with specified benchmark; 4, the applicant managers must have branch institutions or operation venues in the territory of Taiwan. the requirements of institutional investors might vary a bit but the above example might give you some idea of how things work in this industry. anyway, to raise serious money, you need to have an *entity*, like a fancy office with great view of the city, some PhDs, hot-looking marketing chicks, then you are good to go.
of course if your shit is superb or does not run on lots of capital (read: hft), then you don't want to trade with OPM.
Did you mean that if his strategy was good enought or was able to run on less money, he would be not advised to deal with OPM. (because it cost too much) what's OPM?
But I figured each people has his perspective of assessing reliability of a strategy. But other people money may be welcomed to lower his risk.