# kaal:claim:2959730-009

**Claim.** 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.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- calendar year 2016 compared with 2008 and 2009

**Source quote.**

> 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.

**From.** Wulf A. Kaal, *Blockchain Applications and Fee Structure Developments in Private Investment Funds* (2017), III. Factors Creating Downward Pressure on Fees, page 8

**Cite as.** Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730

**Verify.** sha256 of source PDF `ebd86972d8817b0c1c80326ae5564476983cedba3f258ff3b2610f156b93fb50` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202017%20-%20Blockchain%20Applications%20and%20Fee%20Structure%20Developments%20in%20Private%20Investment%20Funds.pdf

**Topics.** institutional-design

**Keywords.** fund-closures, investor-withdrawals, fee-pressure, industry-data

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.