A Qualified Purchaser is an investor that meets any of the following criteria:
- an individual or family-owned business not formed for the specific purpose of acquiring the interest in the fund that owns $5,000,000 or more in investments
- a trust not formed for the specific purpose of acquiring the interest in the fund which is sponsored by and managed by qualified purchasers
- an individual or entity not formed for the specific purpose of acquiring the interest in the fund which owns and invests at least $25,000,000 in investments (or someone who is acting on account of such a person)
- an entity, of which each beneficial owner is a qualified purchaser.
The complete definition can be found in in Section 2(a)(51)(A) of the 1940 Act.