Difference Between Accredited Investor and Qualified Purchaser

Key Difference – Accredited Investor vs Qualified Purchaser

Accredited investors and qualified purchasers are two types ofinvestors他们通常投资于高于平均水平的风险，收入更高的收入投资。尽管他们之间的相似之处，但应满足的标准是获得认可的投资者或合格的购买者的标准大大不同。认可的投资者和合格购买者之间的关键区别在于合格的购买者必须具有至少100万美元的净资产，而认可的投资者必须至少拥有500万美元的净资产。

Contents

1. Overview and Key Difference
2. Who is an Accredited Investor
3. 谁是合格的购买者
4. 并排比较 - 认可的投资者与合格的购买者

谁是认可的投资者？

Following criteria should be met to be an accredited investor in accordance with the guidelines by Securities and Exchange Commission (SEC).

• Have an individual net worth, or combined with a spouse, in excess of $1 million.
• 拥有个人收入，不包括归因于配偶的任何收入，在过去两年中超过20万美元，并且有理会在本日历年合理地做同样的收入。
• Had earned a joint income with the spouse of more than $300,000 in the previous two years and is reasonably expected to do the same in this calendar year

Types of investments that accredited investors can invest in real estate funds, private companies or对冲资金。

房地产资金

A type ofmutual fund投资securities由公共房地产公司提供

私人公司

These are generally small to medium-scale businesses. Investors can make the investment asbusiness angels or venture capitalists。这些投资者建立业务后，经常寻求退出路线。

Hedge funds

一种投资基金，使用合并基金投资一系列证券，​​以期获得更高的回报。通常，由于初始投资要求高达100万美元，因此投资者必须成为认可的投资者才能投资对冲基金。

Calculating the Net Worth of an Investor

Since the main requirement to be classified as an accredited investor is to have a net worth that exceeds $1 million, it is important for an investor to have the knowledge of what elements should be included in the calculation of the net worth. Net worth should be calculated as the difference between total assets and total liabilities. Important points to note are,

• The value of the investor’s primary residence cannot be included in the net worth calculation.
• Mortgage or other loan on the residence does not count as a liability up to the fair market value (the price at which both the buyer and the seller are interested in making the transaction and have all the relevant information relating to the transaction). If the mortgage value is above the fair market value, the loan amount above the fair market value should count as aliability。
• Any increase in the loan amount in the 60 days prior to your purchase of the securities should be counted as a liability.

谁是合格的购买者

The requirements to become a qualified purchaser are greater than becoming an accredited investor; he or she should meet the following criteria as specified under the Securities Act of 1933.

• An individual who own $5 million or more in investments, including investments held jointly with a spouse
• 一家拥有500万美元或更多投资的家族企业
• A business that has discretion over $25 million or more in investments

可以由合格购买者交易的投资

• 证券,包括股票、债券
• Physical commodities such as gold and silver
• 用于投资目的的财务合同，例如掉期和options
• Cash and cash equivalents held for investment purposes

认可的投资者和合格的购买者有什么区别？

Accredited投资者与合格购买者
认可的投资者必须具有100万美元的最低净资产	合格的购买者必须具有500万美元的最低净资产。
聚会符合条件
Individuals act as accredited investors.	Both individuals and businesses can act as qualified purchasers.
Investing in Hedge Funds
认可的投资者s can invest in hedge funds, but if they have a minimum initial investment amount which is higher than $1 million, an accredited investor with a net worth of $1 million cannot invest.	Qualified Purchaser can invest in hedge funds; since they have a higher net worth they can invest in funds with larger initial investments.

参考：

“US-SecuritiesAndExchangeCommission-Seal” By U.S. Government – Extracted from PDF version of theSEC 2008 Performance and Accountability Report（公共领域）通过Commons Wikimedia