From: William Richard
Sent: January 30, 2007
Subject: File No. S7-25-06

Dear Sirs:

I am adamantly opposed to raising the bar for investors to participate in "Hedge Funds" or private offerings.

I have been involved in a hedge fund for 8 years and understand the risks very well. I am extremely knowledgable about the type of investing that the general manager is undertaking.

My particular "hedge fund" is a fund of funds and is managed to outperform the SP-500 while significantly decreasing risk as mesaured by standard deviation.

Your proposal will force me to totally change future allocations and put me back into a search for a legitimate, honest money manger. It took a long time to find this investment and I am very upset that I may be forced to look again.

Please do not raise the limit.

I will be sending this to my elected representatives in the House and Senate to try and get their help.


Bill Richard