Taking a cue from hedge funds, more and more mutual funds are investing in PIPEs, or private investment in public entities, a recent report from Forbes.com indicates.

So far this year, mutual funds represent 22.4% of PIPE investors, an increase of more than 100% versus 2004. Hedge funds are retreating from the space. They now account for 37.3% of PIPE investors, down from 51.7% last year.

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