The term “Family client“ means a current or former family member or Key Employee; any non-profit organization, charitable trust (including charitable lead trusts and charitable remainder trusts whose only current beneficiaries are other Family Clients and charitable or non-profit organizations), or other charitable organization, in each case exclusively funded by one or more other Family Clients; any estate planning vehicle of such family client; any irrevocable trust in which the sole beneficiaries or the sole grantors are other Family Clients; any trust in which each trustee is a Key Employee and each grantor is a Key Employee and/or such Key Employee’s current or former spouse or spousal equivalent; and any company wholly owned (directly or indirectly) by, or operated for the sole benefit of, one or more other Family Clients.
Family client. (as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act) of a family office meeting the requirements in (l), whose prospective investment is directed by such family office.
“Family clients” are permitted to engage in unregistered securities and technically meet the criteria for accredited investor status.
