Institutional Investor means any of the following (or equivalent under your local law):
• Regulated Financial Institutions:
Any entity duly authorized, licensed, registered or otherwise supervised by a financial regulator in its jurisdiction—such as banks, credit institutions, investment firms, broker-dealers, insurance companies, pension funds (and their managers), collective investment vehicles (and their managers), commodity dealers or derivatives traders, market makers, “locals,” and similar regulated counterparts.
• Large Corporations or Undertakings:
Any company or organization that, on a standalone basis, meets at least two of the following financial thresholds (or their equivalent in local currency):
– Total assets ≥ USD 25 million
– Annual net revenue ≥ USD 50 million
– Net worth (shareholders’ equity) ≥ USD 5 million
• Governmental, Supranational, or Public Authorities:
National, regional, or local governments (or their ministries or agencies), central banks, monetary authorities, sovereign wealth funds, and supranational institutions (e.g., IMF, World Bank, EIB) whose principal function is to manage public debt or undertake large-scale financial or development activities.
• Other Professional Investment Vehicles:
Entities whose primary business is to invest in, hold, manage or trade financial instruments professionally, such as special purpose or securitisation vehicles, foundations, endowments, family offices (with sufficient assets under management), insurance-linked securities vehicles, and similar specialized structures.
• Elective Institutional Clients:
Any legal person or entity (for example, a local government body, a private company below the size thresholds, a public sector organization, or an individual) that does not automatically qualify under the categories above but has formally requested and provided written evidence that it possesses the experience, expertise, resources and financial standing necessary to be treated as an Institutional Investor. By electing this status, such clients acknowledge that certain regulatory protections afforded to non-institutional (retail) clients may not apply.