From: Timothy P. Welsh
Sent: January 28, 2007
Subject: File No. S7-25-06

Dear Sir,

It is my understanding that the SEC has suggested a new proposed rule that would raise the minimum net-worth requirement needed to invest in private funds from $1,000,000 total net worth to $2.5 million liquid net worth. I feel this change in ruling is unfair and unjust, and I urge you to leave the rules as they now stand. Many of us Americans who do not have $2.5 million in liquid net worth at this point in time are sophisticated enough to understand the risks of hedge funds and other investments that are commonly used by high net worth individuals. I see no reason for the SEC to intervene in this issue.


Timothy P. Welsh
Bangkok, Thailand