100 basis points is one percentage point(1 % ).
A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security.
A hedge fund is a private investment fund that charges a performance fee and is typically open to only a limited range of qualified investors and require a very large initial minimum investment.
According to investopedia, You can think of hedge funds as mutual funds for the super rich. They are similar to mutual funds in that investments are pooled and professionally managed, but differ in that the fund has far more flexibility in its investment strategies.