What it takes to launch a hedge fund right now, according to the Wall Street pros who know

A handful of hedge fund launches each year grab headlines - usually those expected to raise billions, like one from billionaire Steve Cohen and another from Millennium's ex- bond chief, Michael Gelband.

But there are many more fund launches that attract much less attention, with some of those failing to get off the ground at all.

What does it take to launch a fund these days? We asked Wall Streeters who work in the space - namely those that work in capital introductions, introducing potential investors to fledgling start-ups.

Here's what they had to say. We've lightly edited transcripts from meetings and emails with those we interviewed.