Minimum subscription amounts do more than govern the dollar threshold required for access to a hedge fund.  In addition, minimums communicate information about the manager’s strategy and goals; inform the composition of the investor base; enable and limit performance; impact the pace and productivity of marketing; and constrain fund liquidity.  This is the second article in a two-part series digging deeply into the important but often overlooked topic of hedge fund investment minimums.  Generally, this article explores market practice in this area.  Specifically, this article discusses the market for investment minimums and related terms; trends with respect to minimums; application of minimums in different factual contexts; whether investment minimums apply to follow-on investments; and manager practice for enforcing, waiving and modifying minimums.  The first article in this series addressed primary legal, business and investment rationales for setting hedge fund investment minimums.  See “Why and How Do Hedge Fund Managers Set Minimum Subscription Amounts? (Part One of Two),” Hedge Fund Law Report, Vol. 6, No. 23 (Jun. 6, 2013).