Closing or capping a specialist fund at a certain dollar limit is not unusual. Miles plans to do it, and Chris Stott at 1852 capital (of which I am an investor, and which is now closed to new investors) is one. It just keeps their investment strategy more nimble and results in the opportunities being large enough for the investment funds, rather than having a large fund and then having to look for investments for those funds to be employed in. In both cases the management team is fairly small and the degree of specialisation fairly high, so small and nimble applies with both funds and managers !
AFR Article, page-9
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