The hedge fund industry is turning from a seller’s to a buyer’s market as funds realize that they prefer more ‘sticky’ assets such as those from pensions, endowments, and foundations, says Keith Black, an associate at Ennnisknupp. He told its ‘A Sensible Approach to Investment Strategy’ conference that during the recent financial crisis, hedge funds were “really hurt” by the redemptions they had to make to high net worth and fund of funds investors. As a result, they started to switch their focus from those investors to pension funds, foundations, and endowments and were willing to make fee concessions, increase transparency, and provide more investor friendly structures to do so. This trend is also likely to accelerate because institutions now control the majority of hedge funds.