The data show that this remains an enormously active marketplace, with new funds entering and exiting at a higher rate than ever before. But it is also an unforgiving environment, as the current record level of attrition shows.

With very strong overall performance early in the quarter, we are seeing flows into the industry pick up once again, in contrast to the recent trend of assets remaining on the sidelines.

Seeing a mixed performance year come on the heels of another difficult year in 2004, a record number of funds felt the pressure or succumbed to the fate of poor performance.

It is an unforgiving environment.

Performance had been mixed early in the year, but they finished on par with last year after a strong second half.

It doesn't matter if you're the smartest person in the room: If you're not someone who people want to be around, you won't get far. Likewise for helping those in line behind you. I take seriously my role as a mentor to young female filmmakers - I make sure my time is tithed.