I find this really frustrating about tech investing. Much of the early investment opportunities are only available to the richest. It's an insider's game.
It's not unique to tech, but it's necessary for funds of this size. Let's say Andrew's entire fund is made up of $5m investors. That means he has to close at least 30 investors, which means he probably has to pitch 60-90.
Not only that, but actively maintaining 30 relationships and making sure they are effectively informed of the funds progress is difficult and time consuming as well. Andrew's time is probably best spent working with portfolio companies on their tech, so the less time he has to spend courting and showing love to LP's the better.
That's why they limit investment size. It's not to be purposefully exclusionary, they just have to be mindful of efficient use of time.
They are done in order to protect the little guy, due to the high risk associated with the high reward.
Otherwise, you will get people that have negative net worth, maybe $20k in credit card debt + student loans that they pay minimums on, and a few kids dumping a year of savings into Snapchat and losing it all.
While it sucks for small players that are ok with high risk investing (and would be ok losing it), there just isn't a way to stop the flood of stupid that would come with it.
Probably the closest thing I've seen to being able to invest in something like this is cryptocurrecy,
