While this is not strictly a documentary, it is a factual presentation that offers a helpful guide to those aspiring to start their own hedge fund. It is put together by a US based hedge fund lawyer, so offers a good coverage of some of the legal aspects you need to be aware of, but it also means it is quite US focused, but there are still lots of good points to take away.
This voice over presentation provides start up hedge fund managers with an overview of the hedge fund formation process and laws.
Finance Documentaries: http://www.financedocumentaries.com/2011/06/how-to-start-hedge-fund.html
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