Recent asset flow patterns and fund closures reveal that small (and new) hedge funds may be on the endangered species list. Recent data shows that funds need at least $250 million to break even, and even that may not be enough to successfully run a business. But if small hedge funds go the way of the dinosaur, what happens to structural alpha? Will niche investments, club deals and micro-caps be permanently overlooked? Where will investors look for outsized returns and differentiated portfolios?