A qualified client is an individual or entity that meets any of the following criteria:
- has $1,000,000 or more of assets under management with the investment adviser after the investment in the fund
- has a net worth of $2,100,000 prior to the investment in the fund (excluding the value of his or her primary residence)
- is a “qualified purchaser” (see the next section)
- is an officer or director of the fund manager or is an employee who participates in the investment activities of the investment adviser and has been doing so for 12 months.