Does anyone know if there is a legal upper limit to the number of LPs that can invest in a fund? Or are the number of LPs more limited by the time/effort required to get money from them?
Theoretically could you have thousands of LPs with very small investments?
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If it's a 3c-7 fund, the current limit is 499. It's likely to change with the JOBS act. There will still be minimum asset tests for investors. There won't be many funds reducing minimums significantly, if at all.
This article has interesting implications, much lower minimums:
http://online.wsj.com/article/SB100014241278873240964045783567002718780…
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