Capital-raising is a major hurdle for hedge funds and other alternative asset managers. Without AuM, fledgling managers with considerable talent are weighted down by the significant working capital requirements of managing an investment advisory business in an ever-more competitive and highly regulated industry. Yet, amid an increasingly challenging environment, top managers have been able to marshal high expectations of future performance – both in asset management prowess and fundraising ability – to address this problem and secure their best chance at future success by entering into a seed deal