January 27, 2007
Do not increase the minimum. There are better ways of establishing whether an investor is sufficiently sophisticated to understand the risks.
By adopting a higher net-worth requirement, you would be imposing a monopoly on private equity, benefiting only the ultra-rich.
Government regulation, ostensibly to help investors, that simply benefits the ultra-rich is despicable. Your actions are not within the spirit of the mandate provided by Congress if you impose the $2.5 million floor on investors.