A qualified client (QC) is an individual or entity that meets any of the following criteria:
has $1.4M or more of assets under management with the investment adviser after the investment in the fund
has a net worth of $2.7M prior to the investment in the fund (excluding the value of the investor's primary residence)
is an officer or director of the fund manager or is an employee who participates in the investment activities of the investment adviser and has been doing so for 12 months
Note, if the individual / entity meets the qualifications for a Qualified Purchaser, then by definition such individual / entity will also be a Qualified Client.
The inverse is not true. A Qualified Client does not, by itself, mean the individual / entity meets the criteria for a Qualified Purchaser
As of June 29, 2026, the SEC has updated the net worth and assets under management thresholds, as reflected above. You can read more about this here.