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With its 2007 European-focused fund posting returns of about 3.2 percent through the end of March, Apax Partners struggled to raise its latest fund, taking two years to raise $7.5 billion.
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For years, Yale University's endowment fund posted double-digit returns.
By contrast, the average hedge fund posted a roughly 6.2 percent gain last year, according to the analysis firm Hedge Fund Research.
In 2006, the $6 billion Medallion fund posted gross returns of 84percent44percentcent after fees, explaining his $1.7 billion take.
While both funds feature high yields — the iShares fund posted a 12-month yield of 8.25 percent (through Jan . 14 — they still carry significant credit risk.
On April 27, the fund posted its first target on the site: Employee Solutions of Phoenix, a staff leasing firm in which the fund had acquired a 5percentt stake.
Much of the activity at the center of the government's case took place during that year, when the fund posted its first-ever annual loss.
The average domestic stock fund posted a return of about 12percentt in the fourth quarter, according to Morningstar Inc., and ended the year up 32percentt.
Over all, the fourth quarter was a fitting exclamation point on an awful year, the first since 1994 that the average growth fund posted a loss.
Klarman's hedge fund posted net returns as high as 8% in 2014.
From 2000 to 2010 the average mutual fund posted an annual total return of 3.18%.
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