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My hot take is that if you don't have high 6 figures (i.e. not accredited) you shouldn't invest in private rounds. Not because of the legal rule, but because it's a dumb decision to lock away a big % of your networth at that stage across a few years. People underestimate lockups, vesting and market conditions. It makes complete sense for rich peeps, which is why private fundraises even exist. Not if you are trying to make a bunch of money in this industry. Don't fall into FOMO. I say this as someone who has participated in a dozen rounds across the last few months, seen dozens, and raised myself. TL;DR -- It makes no sense if you have low capital. Makes complete sense if you have a lot.