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 "text": "Market evidence of pressure on the fee structure includes investor withdrawals of $70.1 billion from the private investment fund industry in 2016 and 1,057 fund closures in 2016, exceeding the 1,023 liquidations in 2009 and approaching the record 1,471 closures in 2008.",
 "author": {
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  "name": "Wulf A. Kaal",
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 "citation": "Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730",
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 "abstract": "Private fund investors withdrew $70.1 billion from the private investment fund industry in 2016.24 In 2016 a total of 1,057 private investment funds closed down, exceeding the 1,023 liquidations of private investment funds in 2009, and falling just shy of the record 1,471 closures in 2008.",
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