Which of the following statements regarding hedge funds is CORRECT?

a$.$ Hedge funds have no minimum investment.

b$.$ Hedge funds are very closely regulated by the SEC.

c$.$ Hedge funds are like mutual funds because they involve pooling funds from multiple investors. However, hedge funds have limited participation as only sophisticated investors may participate in them due to their high risk.

d$.$ Hedge funds are like mutual funds because they use a lot of the same investment strategies to diversify and to manage and minimize risk.

e$.$ None of the statements is true.