Professional Investor

“Professional Investors” include all investors qualifying as professional clients under Annex II of Directive 2014/65/EU on markets in financial instruments (MiFID II).

Professional investors must meet two of the following criteria:

• You have carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters.
• Your financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500,000.
• You work or have worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged.

Semi-Professional Investor

“Semi-professional Investors” pursuant to sec. 1 para 19 no. 33 of the German Capital Investment Act (Kapitalanlagegesetzbuch – KAGB) are required to invest a minimum of €200,000, are able to make their own investment decisions, and understand the risks associated with an investment in a private equity fund.

The investor certifies all the statements below are true:

• You have sufficient liquidity or income to fulfill the long-term commitment of a private equity fund.
• You are aware of the long-term nature and potential illiquidity of private equity funds.
• You understand private equity funds are high-risk investments and that principal return is not guaranteed.

Accredited Investor (Regulation D Of The Securities Act Of 1933)

An accredited investor is a person or entity that meets certain financial criteria, allowing them to invest in private offerings not registered with the SEC. The main purpose of the accredited investor designation is to protect unsophisticated investors from high-risk investments.

Individuals:

• Net Worth Test: Has a net worth exceeding $1 million, either individually or jointly with a spouse, excluding the value of the primary residence.
• Income Test: Has an income exceeding $200,000 in each of the two most recent years (or $300,000 jointly with a spouse) and expects the same for the current year.
• Professional Certifications: Certain financial professionals, such as those holding Series 7, Series 65, or Series 82 licenses, may qualify regardless of net worth or income.

Entities:

• Any entity, such as a bank, insurance company, or trust with assets exceeding $5 million.
• Any entity where all equity owners are accredited investors.

Qualified Purchaser (Investment Company Act Of 1940)

A qualified purchaser is an individual or entity with significant assets, who can invest in certain types of private investment funds, such as hedge funds, which are exempt from certain SEC regulations.

• Any individual (or their spouse) who owns at least $5 million in investments.
• Any family-owned business that owns $5 million or more in investments.
• Any entity with not less than $25 million in investments owned by close associates or family members.