Call it the Groucho Marx problem: Investors trying to put money into hedge funds frequently find that the managers they want do not want their cash.
Just as Groucho complained that he would not join any club that would accept him as a member, even very wealthy investors can find themselves faced only with hedge funds they do not want to investwith. As a result, some investors are resorting to devious tactics to get stakes in the best hedge funds.
Many of the industry’s biggest names  Steven Cohen of SAC Capital, Paul Tudor Jones of Tudor Investment, Louis Bacon of Moore Capital, Steve Mandel of Lone Pine Capital and others  do not need toexpand existing funds further and often believe that more cash would hurt their returns. Even when they find they have the capacity to take more money, they typically turn to their existing investorsfirst.
