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I looked at a few of these; none seems to take investment from average joes. Even if i show up with $1M in cash, doesn't look like any doors are open. Is that accurate?

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With Renaissance (and a few others) a significant number of employees have an above average net worth, and choose to invest their spare capital with the fund, slowly crowding out any outsiders.

Bona fide lack of access for outside investors is probably a strongly positive signal in this industry.

To most of these firms, a new client with $1mln is not worth the hassle at all. On the off chance some capacity is freed up, its given as priority to clients who have 100s of millions invested already. To a degree it's a privilege to invest in this league.

Yeah. A well-performing fund will never open its books for a seven figure check. They could likely find a senior employee (not even a partner) willing to invest that.

Another investor is another person you have to have a relationship with.

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