Typically, an investor must be both an accredited investor and a sophisticated investor in order to invest in a fund. An accredited investor is an individual whose INCOME is at least $200,000 in each of the last two years, or the joint income with the spouse is in excess of $300,000 in each of the last two years, and there is a reasonable expectation of the same income level for the immediate future, or an accredited investor is an individual with a NET WORTH of at least $1,000,000, excluding the value of their primary residence. *