While some famous activist investors have experienced hedge fund horror over the last year, and most hedge funds have sharply underperformed their investors' expectations, forcing fee cuts to try and stave off redemptions, two of the handful of names who have been outperforming in the industry are now increasing their fees and extending the amount of time it takes for investors to redeem.

Millennium and Citadel are two funds that have managed to stand apart from the deplorable 2 and 20 herd, and performed solidly over the last couple of years. And now they are - one way or another - raising their prices for investors. Millennium, after recently telling investors they would get their profits early next year, also told investors that to reinvest these profits, they need to sign up for a new share class that would extend their redemption period from one to five years, ostensibly to avoid forced sales during the next recession and effectively giving the hedge fund a private equity-like lock up.