For an individual to qualify as an accredited investor, one of two conditions must be met:

The individual must have earned income exceeding $200,000, or $300,000 when combined with a spouse, during each of the previous two full calendar years and a reasonable expectation of the same for the current year. The same method (single or joint) must be applied to the income test in all three years.

The individual must have a net worth greater than $1 million (alone or with a spouse), excluding the person's primary residence.

Any entity, if all owners are Accredited Investors

A qualified client is a person that meets certain thresholds set by the SEC, which for individuals are currently at least $1.1. million in assets under management with FPG or a net worth of at least $2.2 million.

To be considered a "qualified purchaser," at least one of the following criteria must be met:

1) The purchaser is an individual or family-owned business that owns $5 million or more in investments.

2) Any entity, if all owners are qualified purchasers.

3) The purchaser is a trust sponsored and managed by qualified purchasers, which wasn't formed for the sole purpose of investing in the fund.

4) The purchaser is an entity that invests at least $25 million for their own accounts or on others' behalf. Like the other criteria, entities cannot have been formed for the specific purpose of investing in the fund. Examples in this category would be a professional investment manager or a corporation.