For all the insto fund investment mandates I have seen it is around $200m MC. There are also typically requirements around market liquidity and substantial shareholdings.
You need to remember that for a portfolio allocation anything below 1% of capital invested is not worth it from a performance perspective. So for a $500m fund (which is not big) 1% = $5m which would be 384m BRK shares or around 8% of the company.
So for an insto that would be a cross for % of company held, a cross for liquidity (market impact to get in / out would be too great) and a cross for MC.
Smaller insto funds maybe interested as we have seen with Magnolia however that tends to come with its own set of issues.
Until the MC goes up HNW, retail and possibly startup funds will need to carry the load.
Bradbury AOI, page-13
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