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Probably most recent flagship fund size is more relevant with all MF having $10bn+ flagship funds
Typically on a per fund basis (not AUM):
MF: $10bn+
UMM: $5-$10bn
MM: $1 - $5bn
LMM: Sub $1bn
This is a dumbass question
There are plenty of $3bn - $5bn funds that still do like $100mm deals that I would still call LMM.
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