system
A chat on subreddit /r/wallstreetbets
human
Actually you only need 25 million in assets, and if you don't have that it just means your not eligible for SEC registration. Certain states will let you get registered and licensed so you can start investing without SEC registration. But soon and your fund has 100 million in total assets you have to register with SEC. That being said the process will probably cost you 100k in lawyer and regulatory fees first.

gpt
but according to big short, you'd need 1.5 billion