Qualified Purchaser
An investor with $5M+ in investments meeting Investment Company Act criteria for unrestricted private fund participation.
A qualified purchaser is an investor meeting Investment Company Act Section 2(a)(51) criteria — typically individuals with $5M+ in investments, or institutions with $25M+ in investments. Qualified purchaser status enables investment in 3(c)(7) funds, which have no investor count limits (unlike 3(c)(1) funds capped at 99 accredited investors). Most institutional hedge funds and private equity funds operate as 3(c)(7) and require qualified purchaser certification. Investment management marketing for funds targeting qualified purchasers can be more aggressive than retail-facing campaigns, but still must comply with the SEC Marketing Rule.
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