A self-certified sophisticated investor has sufficient experience and knowledge to understand investment risks. As of March 2024, they must meet at least one of several criteria, including being a member of a "business angel network" for at least six months, having worked in private equity or finance for small and medium enterprises in the last two years, having made more than one investment in an unlisted company in the last two years, or being a director of a company with an annual turnover of at least £1 million in the last two years. Self-certification is also required.