Hedge funds have long been closed off to the average retail investor. But so-called “hedge funds for the masses” — pooled funds that use hedge fund-like strategies — had been growing in recent years. That is, until now.

Pensions & Investments reports, “Money pools that offer hedge fund strategies usually reserved for sophisticated investors to regular folks are seeing an unprecedented flight of capital.”

The problem: After many years of robust returns and near-instant cash access, investors have gotten cold feet due to recent missteps by a few of the notable firms operating in this space. We’ll see if the masses continue to flee from these funds.