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How Deimos's Demise Highlights What Can Go Wrong With Start-Ups

When gold-plated backers become a hindrance, not a help.

       Illustration by Renaud Vigor.When Deimos Asset Management announced in September that it would close its doors, co-founder Loren Katzovitz blamed the small hedge fund firm’s shutdown on a “challenging” fund­raising environment coupled with the high cost of doing business. While not false, that statement doesn’t do justice to the complexities

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