The cost of buying into hedge funds in the secondaries market continues to fall in line with investor demand for these assets, despite the industry having recouped almost all of its credit crunch losses in what has been its best year in over a decade.

Units in hedge funds traded on HedgeBay in September, did so at 82.9% of face value on average, according to figures from the private exchange released yesterday. One seller accepted just 62% of a fund's net asset value on a sale.