Accredited Investors and Qualified Purchasers

Accredited Investor (definition from Regulation D of Securities Act of 1933):

(a)	An entity (including trusts) with $5 million gross assets.
(b)	A natural person with $1 million net worth.
(c)	A natural person with $200,000 net income individually, or $300,000 with spouse, for the past two years and has a reasonable expectation of reaching the same income level in the current year.
(d)	Certain regulated institutional investors (broker-dealers, insurance companies, etc).
(e)	An employee benefit plan where the investment decision is made by a plan fiduciary, which is either a bank, S&L, insurance company or RIA, or if the employee benefit plan has total assets in excess of $5,000,000 or if a self-directed plan, investment decisions are made solely by persons that are accredited investors and all participants and beneficiaries in such plan accredited investors.

"Qualified Purchasers" under Section 2(a)(51)(A) of the Investment Company Act.

(a)	Natural persons owning "investments" of at least $5 million
(b)	Family owned companies owning not less than $5 million in investments.
(c)	Trusts whose trustees or equivalent decision makers and whose settlors or other asset contributors are all qualified purchasers described in (a) and (b) above.
(d)	Institutional investors, acting for their own accounts or for other qualified purchasers, that own and invest on a discretionary basis "investments" of at least $25 million, including employee benefit plans that are not participant-directed.
(e)	Certain qualified institutional buyers ("QIBs") acting for their own accounts or for other QIBs or qualified purchasers.