Via Yahoo Finance:

1. A lawyer to create investor contracts and such, at a charge of $400 an hour, or about $30,000 a year

         2. Back-office outsourcer to handle stuff like shareholder communications runs as much as  $75,000 a year

3. Optional compliance consultant ($15,000-ish), who ostensibly would keep the regs away

200,000 is the basic infra cost..There is track record that you need to bring to the table and one needs to have a superb power to speed network,,,

The above was the gyan dished out a recent seminar , Against all this, there is one cold fact that makes anybody realize that we are in seeing a cambrian era for Hedge funds : Last year 1,000 or so funds went belly-up. But around 2,100 new ones
started, bringing the grand total to over 8,000, up from 600 ten years
ago