Under U.S. securities law, in order for an entity to be a "Qualified Purchaser", he, she or it must be at least one of the following:

• (i) a natural person (including any person who holds a joint, community property, or other similar shared ownership interest in an issuer that is excepted under law with that person's qualified purchaser spouse) who owns not less than $5,000,000 in investments, as defined by the Commission;
• (ii) a company that owns not less than $5,000,000 in investments and that is owned directly or indirectly by or for 2 or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption, spouses of such persons, the estates of such persons, or foundations, charitable organizations, or trusts established by or for the benefit of such persons;
• (iii) a trust that is not covered by clause (ii) and that was not formed for the specific purpose of acquiring the securities offered, as to which the trustee or other person authorized to make decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a person described in clause (i), (ii), or (iv);
• (iv) a person, acting for its own account or the accounts of other qualified purchasers, who in the aggregate owns and invests on a discretionary basis, not less than $25,000,000 in investments.

For specifics, see the Investment Company Act and other relevant law, and consult a lawyer who has relevant expertise. This page is not intended to represent legal advice.