[chulk90]

Don't you think you're making too much assumption here? If a large firm lobbied to create an "artificial ... wall," they would write a pre-defined amount, such as "firms who have $100MM AUM," rather than making it vague.

"Successful investments" can be validated with a reasonable argument, so it actually opens door for younger VCs.

[cma]

Or maybe by making it vague they will get even more protection, especially if they have ins with the regulators who will interpret it. Seems more likely for established players than for upstarts.

But maybe not. Just throwing it out there.