A "Qualified Purchaser" is an individual or a family-owned business that owns $5 million or more in investments, excluding the value of any primary residence or property used for business. Entities with at least $25 million in assets held for investment are generally also deemed Qualified Purchasers.

Other qualified purchaser categories include:

1. an individual or entity (for example, a fund manager) that invests at least $25 million in private capital, on its own account or behalf of other qualified purchasers;
2. a trust sponsored and managed by qualified purchasers;
3. an entity owned entirely by qualified purchasers.