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Library's collection Library's IT development CancelFew years ago, with the nature of less-regulated industry, the main investors were high net-worth individuals, the trade-off between opaque situation and greater return, combined with its high risk was acceptable by this investors (Schwarz et a/., 2008). Until recently, the shifting investor base to institutional investor created different challenges compared to previous years ago. Institutional investors including endowment, university, pension funds, with its characteristics that hold public funds, they also have the fiduciary responsibility. This duty portrays their loyalty and care in the responsbil1ty of others' assets. Given this shifting industry structure and the recent volatile economy (GFC), the regulators as a result also jumped in to interfere this market. Those two entities were in facts, the foundation in describing the needs of transparency in this study. With regards to the level of transparency in the hedge fund indu try, it could be divided into five categories, degree between private and public (Aggarwal and Jorion, 20 12), content, granularity, frequency and delay (Investor Risk Committee, 2000). While looking at fund administrators sector, the three basic elements were decided to describe this, which were people, process and technology