All that talk about hedge fund advisers avoiding Securities and Exchange Commission registration by taking advantage of a loophole that exempts funds with longer lock-ups may have been exaggerated, Reuters reports. "Our sense, talking to lawyers, and the industry," Robert Plaze of the SEC's Investment Management Division said in a Reuters interview, "is that 10% to 15% were able" to do the trick. "A lot of those were hedge funds that were already becoming more like private equity funds." There may actually be more, but hardly an epidemic. Mark Yusko of Morgan Creek Capital Management, according to Reuters, said "at least 25%" of its HF managers are moving to a two-year lockup. While the SEC says the number of new registrants, about 800 – 714 applications completed with another 70 or so in the hopper -- is close to its projected 1,000, missing in action, according to its Investment Adviser Public Disclosure web site, are biggies Eton Park Capital, Lone Pine Capital and Citadel Investment Group. The SEC says about half of all eligible hedge funds registered voluntarily even before the requirement.