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the University of Michigan, the University of North Carolina, Oberlin College, Southern Methodist University, the University of Texas, Vassar College, and Whitman College.

Maverick principals and related entities have over $400 million invested in funds managed by Maverick, making them its largest investor.

When the funds were last open, the minimum investment for individuals was $2 million; it was $5 million for institutions. Maverick has a three-year lock-up of assets. If investors want to get out earlier, a fee is imposed.

PRIVATE EQUITY

Maverick has created a strategic relationship by playing an instrumental role in the creation of an entity called Brazos Investment Partners in late 1999. It is a union between two former Hicks, Muse Tate & Furst principals, an operating principal, and Maverick partners. Brazos Equity Fund looks for buyouts and recapitalizations with values of between $25 million and $150 million.

Through normal activities, Ainslie sees many private equity ideas—some companies that are about ready to go public—but so far has not been able to take advantage of those ideas. He hasn't wanted to use capital from the Maverick fund. Private equity ideas require someone with different skill sets—someone to evaluate the opportunities and negotiate. Private equity is hard to hedge, and Ainslie believes he shouldn't force significant private equity exposure on Maverick investors. Maverick investors had an opportunity to invest in Brazos but it wasn't forced on them. Brazos is located on one of the Maverick floors.

Maverick and Brazos share ideas. Maverick can coinvest without diluting its time and effort. Brazos can take advantage of Maverick's Wall Street relationships. "It is a win-win situation."

CHANGING INDUSTRY ENVIRONMENT

Implications from Julian Robertson closing and Soros unraveling are that the macro environment is less competitive today than it had been, observes Ainslie. Robertson's and Soros's assets total a significant percentage of the hedge fund asset market; collective market share of the two was huge. The unraveling of the global macro giants may also help the commodity trading adviser world, which in some respects is similar to the