1. Each week it seems the WSJ announces another private placement of a new fund, REIT, etc. facilitated by an investment banking firm. If you were such an investment banker, which of the following would be a reason to advise a client to raise capital via private placement?

a. more regulatory protection for their investors

b. ability to draw on a very large number of smaller investors

c. customization of the deal with few investors

d. access to investors seeking liquid securities