The hedge fund industry showed new signs of maturity in 2024.Imgorthand/Getty ImagesInstitutionalization was one of the biggest themes in hedge funds this year.A once-scrappy industry is starting to resemble private equity and venture capital.The biggest firms and new launches have evolved significantly from the days of a couple of guys and a Bloomberg.The game has changed.Hedge funds, led by the industry's biggest names who set the agenda for the multi-trillion-dollar sector, were once known for their scrappiness, speed, and reliance on the brains and vision of their founders.Now, as the industry's investor base has shifted to long-term institutions from wealthy families and small funds-of-funds, hedge funds have become institutions of their own.