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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/investor-eligibility",
 "identifier": "kaal:entity:investor-eligibility",
 "name": "Investor eligibility",
 "termCode": "investor-eligibility",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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   "value": [
    "2016",
    "2016"
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2715083-031",
   "identifier": "kaal:claim:2715083-031",
   "text": "By tightening the accredited investor net worth standard, the Dodd-Frank Act pushes investors who lose eligibility for hedge fund investments toward hybrid and retail alternative funds, even if the number of affected investors is small.",
   "abstract": "While the number of such investors may be negligible, investors who no longer qualify for retail alternative fund investments under Dodd-Frank qualified investor standards are likely to seek out hybrid funds.",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "individuals near the accredited investor net worth threshold after Dodd-Frank section 413"
   ],
   "source_pdf_sha256": "b5c92186260d4a8499a14f81ee24ace093b24e7740af3effcd1c526fa4fa221e",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2811729-005",
   "identifier": "kaal:claim:2811729-005",
   "text": "The investor eligibility line has become arbitrary in the credit space: private funds implementing substantially the same investment strategy as a fixed income unconstrained mutual fund, and carrying substantially the same risks, may be sold only to high net worth and sophisticated investors through private placements.",
   "abstract": "purchased by high net worth and sophisticated investors through private placements, although the private funds implement substantially the same investment strategy as a fixed income-focused UMF, and are subject to substantially the same types of strategic and other investment risks as a UMF.",
   "citation": "Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729",
   "datePublished": "2016",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "fixed income focused unconstrained mutual funds compared with credit private funds"
   ],
   "source_pdf_sha256": "0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74",
   "status": "current"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2811729-013",
   "identifier": "kaal:claim:2811729-013",
   "text": "Because unconstrained mutual funds comply with the Company Act, they may be marketed and sold to all classes of retail investors, including those with limited or even no experience investing in securities.",
   "abstract": "Compliance with the Company Act means that UMFs may be marketed and sold to all classes of retail investors, including retail investors who have limited, or even no, experience investing in securities.",
   "citation": "Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729",
   "datePublished": "2016",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "funds registered and compliant under the Investment Company Act"
   ],
   "source_pdf_sha256": "0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2811729-021",
   "identifier": "kaal:claim:2811729-021",
   "text": "Among the factors driving unconstrained mutual fund growth, the Dodd-Frank Act decreased the number of eligible private fund investors by raising the minimum net worth requirement for individuals to qualify as accredited investors.",
   "abstract": "Second, the Dodd-Frank Act decreased the number of eligible private fund investors by raising the minimum net-worth requirement for individuals to qualify as \"accredited investors,\"",
   "citation": "Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729",
   "datePublished": "2016",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "individuals near the accredited investor net worth threshold after Dodd-Frank"
   ],
   "source_pdf_sha256": "0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74",
   "status": "current"
  }
 ],
 "description": "4 claims in the published works of Wulf A. Kaal carry the concept tag 'investor-eligibility'. Derived node: a roster, not an adjudicated definition."
}