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  "documentTitle": "2022 Global Alternative Fund Survey",
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      "text": "With the cost of compliance and regulation taking a large and growing portion of managers' budgets, it's not surprising to see that 44% of managers believe that the potential benefits to these regulations do not outweigh the costs. This contrasts modestly with investors, who do not necessarily appreciate the magnitude of the costs incurred but are more likely to believe there are marginal or significant benefits. As with all industries, the full impact of these regulations likely will not be understood for several years. Of note is that a majority of managers indicated they did not engage directly with regulators to discuss these proposals before they were enacted. These managers indicated that they indirectly participated in the discussion process through legal counsel and industry groups. Perhaps more direct dialogue and engagement in the future would allow the industry to feel as though proposals were being drafted in a manner that would benefit all constituents.",
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