I am fairly sure a placement to institutions costs them less in...

I am fairly sure a placement to institutions costs them less in fee’s than getting money from 3-500 small retail investors, who generally sell for a quick profit. I used to have your mindset and be disgruntled about this sort of thing but as the years have passed I understand it more and more now.

There is always a perk to having large cash positions and being of an institutional status. Similarly to only being allowed the fancy credit cards with added perks if you meet a certain income. It’s just the way the world works.