Just looking at some 12 month rolling data charts from Hedge Fund Risk Monitor.
I thought mortality would get to 40% based on back of the envelope calculations. Running a fund isn't as easy as it looks, the magic numbers are 36 months solid operations and $100m assets under management before the Fund of Funds start looking around. Here are some crude estimates I compiled on the business of running a fund what incomes have been like lately.
Here are some graphs about the industry from earlier in 2009 courtesy of Deutsche Bank.
Hedge funds are famously opaque and the major databases all kind of overlap, but it is a foggy industry so take everything with a pinch of salt. Most hedge funds don't explode etc. they quietly fold and return investors money. We only hear about the ones that don't go quietly into that good night. It is important to note that with the exception of outright frauds, no funds posed systemic risks since LTCM in 1998. Everyone weathered the storm pretty well.
It was those hedge funds in drag (AIG, Bank with SPV's etc. that caused the problem). Like the saying about about risk It ain't what you don't know, its what you know that ain't so. Those regulated institutions AIG, BEAR, etc. weren't big banks and insurance firms with AAA ratings, they were really something else altogether.