Which of the following is NOT automatically entitled to invest in a Qualifying Investor AIF?

• A. A pension fund.
• B. A bank.
• C. A life assurance company.
• D. A private investor.

Answer: (D)

Qualifying Investor AIFs are aimed at professional or qualifying investors, not retail/ordinary investors. Institutions like pension funds, banks, and life assurance companies are regarded as professional investors because of their large-scale operations, financial sophistication, and regulatory recognition. They are automatically eligible to invest in these funds without needing additional qualifications. A private investor, on the other hand, is a retail investor and would not be automatically entitled to invest in a Qualifying Investor AIF; they’d typically need to meet specific professional criteria or be redirected to a retail fund. So the one not automatically entitled is the private investor.