LONDON (Reuters) - New hedge fund launches will 'likely' end the year at their lowest in 24 years amid tough fundraising conditions, hedge fund research firm Preqin said on Wednesday, based on numbers from the first three quarters of this year.

By the third quarter of 2024, hedge fund managers opened 123 new funds, the lowest number since at least 2000 when total launches reached 191, Preqin said. Hedge fund debuts peaked at 697 in 2017, according to its data.

Most of this year's new funds aim to trade stocks, said the research firm.