Following the Money - Investment Frameworks and Expansion

What Is the Regulatory Framework? • Investment Company Act of 1940 - - Section 3(c)(1), exclusion from definition of "investment company" • Less than 100 investors; and • Securities not offered in a public offering Qualified Purchaser Pools (Section 3(c)(7)) • Unlimited number of investors if all are Qualified Purchasers (generally, individuals with $5 million and entities with $25 million in "investments") "Look-through" issues • 10% Rule for other Investment Companies in 3(c)(1) entities • "Formed for the Purpose" criteria in Handy Place Morgan Lewis 25 25

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