To paraphrase the requirements under  Section 2(a)(51) of the Investment Company Act a qualified purchaser means:

• An individual or representative of a family-owned business not formed for the specific purpose of making a specific investment that owns $5,000,000 or more in investments
• A representative of a trust not formed for the specific purpose of making a specific investment which is sponsored by and managed by qualified purchasers
• An individual or representative of an entity not formed for the specific purpose of making a specific investment which owns and invests at least $25,000,000 in investments (or someone who is acting on account of such a person)
• A representative of an entity, of which each beneficial owner is a qualified purchaser

“Investments” generally means the following:

1. Securities, including stocks, bonds and notes, other than securities of an issuer that is under common control with the qualified purchaser.
2. Real estate held for investment purposes.
3. Commodity futures contracts, options or commodity futures and options on physical commodities traded on a contract market or board of trade, held for investment purposes.
4. Physical commodities (e.g., gold and silver), with respect to which futures contracts are traded on a contract market or board of trade, held for investment purposes.
5. Financial contracts (e.g., swaps and similar individually negotiated financial transactions), other than securities, held for investment purposes.
6. For an investment company or a commodity pool, any binding capital commitments.
7. Cash and cash equivalents held for investment purposes. Neither cash used by an individual to meet everyday expenses nor working capital used by a business is considered cash held for investment purposes.