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Who is a 'knowable employee' of a private fund?

Knowledgeable Employees of Private Funds – Knowledgeable employees (within the meaning of Rule 3c-5 under the Investment Company Act of 1940) are accredited investors for purposes of investing in related private fund offerings.

Who qualifies as an accredited investor?

The Commission designated three certifications and designations administered by the Financial Industry Regulatory Authority, Inc. as qualifying for accredited investor status: Licensed Private Securities Offerings Representative (Series 82). Individuals holding any of these three designations in good standing can qualify as accredited investors.

Who is a “knowledgeable employee” under the Investment Company Act?

A “knowledgeable employee” is defined in Rule 3c-5(a)(4) under the Investment Company Act generally as an individual who participates in the management or investment activities of the private fund.

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