Which of the following is NOT included in a list of institutional investors?

An accredited investor is typically understood as an individual or entity that meets certain income or net worth thresholds, which allows them to invest in more complex investments or alternative asset classes not available to the general public. This designation is primarily focused on individual qualifications rather than institutional status.

In contrast, mutual funds, pension funds, and insurance companies are all considered institutional investors because they manage large pools of capital on behalf of clients or policyholders. These entities invest significant amounts of money in various securities and assets and often engage in investment activities that require larger amounts of capital and regulatory scrutiny. As institutional investors, they are prominent players in the financial markets and contribute to liquidity and market stability.