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January 17, 2024
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Alan Jones: The Risk of Exclusion for Fund Investors

TLDR: VC partner Alan Jones discusses the issue of requiring a sophisticated investor certificate to invest in alternative investments like venture funds. Jones argues that the current requirements for a sophisticated investor certificate are exclusionary, discriminatory, and ineffective. He points out that the criteria are based on wealth and income rather than investment knowledge, skills, and experience. Additionally, the proposed changes to the legislation would make it even more exclusionary by raising the wealth and income thresholds. Jones suggests that a better solution would be to implement an exam process, similar to what is used in other countries like the UK, US, and Singapore. He proposes two options for administering the exam in Australia: using the Australian Securities and Investments Commission (ASIC) or the Technical And Further Education (TAFE) system. Jones believes that this change would help create a more informed and successful investor base in the startup industry.

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