Low AUM after 15 years - red flag?

Interviewing at a $150M AUM HF - been around ~15 years with annual returns of 21% according to the investor book they sent me. Started with $5M or some crazy low number and scaled to here. Given the consistent decent returns is it a red flag that they haven't raised more capital? They say they're looking to scale to ~400M in the next couple years but why haven't they already done so?

Curious to hear any perspectives on this. My gut feeling is also that even though they have a lot of potentnial growth, they've been around too long to consider this a ground floor activity. Can't imagine the founders / senior people are going to want to share meaningful upside when they've been grinding away for so long.

Total investment team of 5 people.

 

Could be personal money contributed by the founders. Maybe they don't want to take outside capital. 

 
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