When Eric Huefner and his colleagues first started the Denver, Colo. small cap specialist Grandeur Peak in 2011, the goal was to raise $3 billion in assets for seven mutuals.

Now at $2.4 billion in assets divided amongst four funds, the firm has decided to turn off the tap to save room for future fund launches. As of Sept. 30th, the firm will hard close the Grandeur Peak Global Reach Fund. The firm's other three existing funds -- the Grandeur Peak Global Opportunities Fund, the Grandeur Peak International Opportunities Fund, and the Emerging Markets Opportunities Fund -- are already hard closed.

"This was built into our strategy and vision from the get-go. We want to be world class small cap global investors, and to be really good in small caps, you have to be very cognizant of what your positions are and keep them small," Huefner recently told MFWire.

They came up with $3 billion, Huefner said, because that was the most they felt they could focus on effectively. The firm currently has 16 research investment professionals who keep track of roughly 450 companies, he said.

In 2015, the Grandeur Peak team plans to launch the final three products of their fund suite. 

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