Some well-known fund managers, sensing the moment, began accepting new capital for the first time in years.
Paulson started his firm in 1994 and built his fortune by betting against the U.S. housing market more than a decade ago.
The outflows would mark the largest drawdown since the global financial crisis.
The Bridgewater founder offered a fairly rosy outlook for markets as recently as last month.
Point72 is the latest hedge fund to push into private markets as interest in such investments has soared.
The top five managers made more than $1 billion apiece, according to a Bloomberg analysis.
The top 15 hedge fund managers collectively made $12 billion in 2019.
The Citadel founder also said that coronavirus is "the most concrete" short-term risk to financial markets.
Almost half of BlackRock's institutional clients plan to increase their allocation to private asset classes.
Hedge fund founder Rob Citrone says an Elizabeth Warren surge could sink stocks.
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