During 2000-2002 crash, A lot of HF closed their door, partially due to the lack of funding and partially due to the owner's need. When a fund is closed, all the "track record" for this fund will be wiped out. They will start a new fund and start a new "track record" when the new bubble starts to cook. :)

If one day, some rich boddies here, such as 6 degree, ever need to look for a hedge fund, you must ask their performance record that including bear years.