If anything, we'll see a skew towards smaller funds. Fact is, it's mindbogglingly difficult to achieve stellar returns with a lot (>= 500MM) of money. At those

If anything, we'll see a skew towards smaller funds. Fact is, it's mindbogglingly difficult to achieve stellar returns with a lot (>= 500MM) of money. At those to sizes, a lot of great strategies fail to scale effectively. 250-500MM is a nice amount of money to manage. It lets the fund pay its small employees nicely and it doesn't have to deal with the logistical nightmares of needing to move massive amounts of capital around. The startup <50MM and small <250MM funds will continue to be of interest to investors since they often can employ profitable strategies at that scale.