Under a Private Placement offering, which of the following are TRUE? 1. It is often used by firms with either high credit quality or low or unknown credit quality. II. Such securities issued under this process are sometimes referred to as "letter securities." III. It is permitted under Regulation D of the Securities Act of 1933. IV. It involves the sale of securities directly from an issuer to an investor without going through the public offering process. V. Private placements are used extensively by venture capital funds and hedge funds. I and II I, II and III I, II, II, IV and V OI, II and IV II, Ill, and V