• Charitable Entities as Qualified Purchasers
  • April 30, 2007 | Authors: W. Scott McGinness; Franklin Miller Williams; Ansley T. Moses; R. Scott Ruth; E. Mattias Jannerbo
  • Law Firm: Miller & Martin PLLC - Chattanooga Office
  • In a recent no action letter (Goldman Sachs Asset Management, L.P., ref. 20059131134), the Securities and Exchange Commission ("SEC") stated that certain types of charitable organizations, not meeting the technical definition of "qualified purchaser" under Section 2(a)(51)(A) of the Investment Company Act of 1940 would nevertheless be deemed to be qualified purchasers for purposes of determining whether an investment fund (a "3(c)(7) Fund") qualified for the exemption from registration set forth in Section 3(c)(7) of the Investment Company Act of 1940.