Stock subscriptions rely on Regulation D exceptions, specifically Rule 506(c), where participation are limited to accredited investors. Sample subscription agreement for portfolio companies are to be found here.

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For fund participation, FIP rely on section 3(c)(1) and 3(c)(7) of the Investment Company Act of 1940, meaning that Broker-dealers has to understand the fund's regulatory status before offering it to their clients. A 3(c)(1) designation clarify that the fund is being sold as a private placement to accredited investors, not to the general public. Latest PPM is to be found here.