individuals who are wealthy enough to invest in private investment vehicles. At a minimum, such individuals must generally be at least Accredited Investors. For federally registered Investment Advisers, SEC’s Form ADV defines a High Net Worth Individual as “an individual with at least US$1 million managed by the reporting investment adviser, or whose net worth the investment adviser reasonably believes exceeds US$2 million (or who is a "qualified purchaser" as defined in section 2(a)(51)(A) of the Investment Company Act of 1940),” which is the minimum wealth required for a federally registered Hedge Fund Manager to charge a High Net Worth Individual a Performance Fee.
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