We recommend that a GP closes up to 1,999 qualified purchasers and 99 accredited investors over any four quarter period. However, if the fund is under $10 million raised (to date), the GP can close up to 250 accredited investors over any 4 quarter period. The 4 quarterly look back adds a lot of flexibility to swap LPs in and out of those spots after the four quarter time horizon (something a fund manager couldn't do in a traditional fund, where LP spaces are static).