Adage Capital Management is a Boston-based hedge fund founded by former Harvard University endowment executives Robert Atchinson and Phillip Gross. The firm is renowned for its unique fee structure, charging performance fees only when it outperforms the S&P 500 benchmark and refunding fees when it underperforms. This approach challenges traditional hedge fund models, which typically charge a flat percentage of profits regardless of performance.

Adage's strategy has attracted substantial investors, including the University of California system. Despite its success, the founders maintain a modest lifestyle, with Atchinson driving an old Nissan Altima and Gross taking the bus to his summer home. (