Well, it's not the sort of thing you'll be able to just look-up...

Well, it's not the sort of thing you'll be able to just look-up on a fund's web site but internally funds have a constitution that specifies what they're permitted to do. I used to work for a FOFM so got to speaking to a number of FMs and had this coversation with a few. I've seen others closer to the scene post on HC before with similar experiences but i couldnt tell you who they were.

In summary, it has nothing to do with the quality of the resource but is really just an annoying quirk of the industry; not dissimilar to how many funds are compelled to invest in stocks with a minimum mc.

Cheers