A qualified client (QC) is an individual or entity that meets any of the following criteria:
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has $1.1M or more of assets under management with the investment adviser after the investment in the fund
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has a net worth of $2.2M prior to the investment in the fund (excluding the value of the investor's primary residence)
- is a “qualified purchaser” (QP)
- 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