ome top-drawer fund managers are finding that the grass is not necessarily greener in the hedge fund pastures. Larry Greenberg
, who resigned from Fidelity Investments five years ago to found Summit Partners
, is the latest to learn this lesson.
Summit is closing its doors because of its inability to find a sustainable competitive edge. The fund had peaked at $1 billion in assets and had specialized in private placements. That market has dried up along with the venture capital business.
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