Just because there is a low cost of entry their website does not mean public pooled funds are bad. These have historically been sound investments for small investors and large accredited investors can lose large sums of money from privately pooled investments. Private firms often have high-risk strategies and are highly leveraged. As well, mutual funds and other public pooled investment vehicles tend to be more liquid than private vehicles. A private equity fund is typically open only to accredited investors and qualified clients. Accredited investors and qualified clients include institutional investors, such as insurance companies, university endowments and pension funds, and high income and net worth individuals. The initial investment amount for a private equity investment is often very high.