Yes, and for a top tier firm it's closer to $30 million. It's a perverse incentive for increasing the size of the fund, which in turn increases the minimum inv

Yes, and for a top tier firm it's closer to $30 million. It's a perverse incentive for increasing the size of the fund, which in turn increases the minimum investment: number of deals is a function of partner bandwidth, deal size is fund size divided by number of deals (you have to allow for follow on investments so it's the total amount invested over all rounds).