esÂ·trange. tr.v. esÂ·tranged, esÂ·trangÂ·ing, esÂ·trangÂ·es. 1. To make hostile, unsympathetic, or indifferent; alienate: The months of bickering estranged her from her family. 2.
Hedge fund. A hedge fund is an investment fund that pools capital from accredited individuals or institutional investors and invests in a variety of assets, often with complex portfolio-construction and risk-management techniques.
A fund of hedge funds is a fund of funds that invests in a portfolio of different hedge funds to provide broad exposure to the hedge fund industry and to diversify the risks associated with a single investment fund. Funds of hedge funds select hedge fund managers and construct portfolios based upon those selections.