Good point. Which is why a lot of good funds close small. Asset gathering isn’t good when you want to make a decent IRR.
But if your own net worth grows to a meaningful amount through the magic of compounding then I guess you naturally miss out on certain illiquid situations.
That said, the greats always learn to overcome their size handicap. Lynch did it by turning over thousands of rocks. Nobody believed he could manage billions and maintain his IRR.
