The growth of hedge funds over the past two decades has been nothing short of spectacular. From a modest beginning, they have evolved into behemoth financial supermarkets with increasing importance to investors and the world’s financial order. Initially restricted to institutions and high net worth individuals, hedge funds and mutual funds have spawned a retail version of hedge funds, Liquid Alternative Investments (LiquidAlts), with minimum investments as low as $1,000. Hedge funds now manage $3 trillion in assets, with liquid alternative investments managing an additional one-half billion dollars. Surveys of large investors point to continued growth of both hedge funds and liquid alternative investments