In my experience, partners at these firms won't even let junior firms invest in the fund. There is a clear cut pyramid hierarchy, and if admitting junior member

In my experience, partners at these firms won't even let junior firms invest in the fund. There is a clear cut pyramid hierarchy, and if admitting junior members means having to expand the AUM (thus crossing the threshold of the fund's strategy), I don't see this change being any meaningful to letting junior members invest. For guys at mega funds, it's going to be really easy. For people in prop shops? Not that much.