I don't know if this applies to the SA situation, but one of the odd quirks of the hedge fund business model is that you can claim a lifetime positive ROI, become a billionaire from the resulting fees, but still net lose money. This happens when you have extraordinary high returns with small AUM, book the incentive fee, get massive inflows, book the management fees, then experience a major drawdown. So for example: you make 300% on $1 billion in one year, get $25 billion in new capital, then lose 35% the next year. Add it up and you get a fabulous 2 year return but net lost more $$ for LPs than you made. It happens more often than you think, and it happened to me personally in 2008 (on a tiny fund). Good news is you don't have to give the fees back. Bad news is you actually failed at the game.