Some top-drawer fund managers are finding that the grass is not necessarily greener in the hedge fund pastures. Larry Greenberg, who resigned from Fidelity Investments five years ago to found Summit Partners, is the latest to learn this lesson.

Summit is closing its doors because of its inability to find a sustainable competitive edge. The fund had peaked at $1 billion in assets and had specialized in private placements. That market has dried up along with the venture capital business. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE