Bottom line: Bring her to an independent CFP. Draft out a strategy for investment. I'm sure it will include lots of mutual funds/ETFs for stocks, bonds, probably even some real estate, commodities and annuities. She isn't rich enough to be plopping down her life savings in a hedge fund.
A few points if she's unwilling to follow that advise:
1) Your boyfriends mom's cousin's son (what a mouthful) is pitching a hedge fund. These are open to accredited investors only. $1M in liquid wealth is the MINIMUM level of funds needed to be an accredited investor. Most accredited investors put between 0-25% of their non-business non-residence wealth in accredited products..products...as in plural...some private timberland, some private equity, a few hedge funds, etc. Your boyfriend's mom is planning to put close to 100% of her liquid wealth into a single product. This is not a smart idea. Hedge funds are highly illiquid, meaning when she probably needs her money the most, she won't be able to access it.
2) Hot shot hedge fund guys are a dime a dozen, and more often then not they are pure BS with a trendy idea and no real track record. Qualify this guys -- I don't care that he's family. If he's a hot shot hedge fund guy, he should have CFA and ideally CAIA listed after his name on his business card. If he doesn't have either, he is the flavor of the week destined to blow up and lose everything for his investors.
3) You can't compare raw returns. Without knowing what the hedge fund strategy is, a pure "his fund vs total market index" is meaningless. Maybe he runs a market neutral strategy, meaning the expected risk is the same as short term government bonds. So maybe his 6% should be compared against a 1% T-Bill return, instead of a 13% stock market return. Point is, the comparison is meaningless and brings me to a common reiteration to lots of investors -- STOP CHASING RETURNS! (or at least compare it to a proper benchmark)