A more thorough explanation:

A Qualified Institutional Buyer (QIB) is a type of institutional investor that can purchase securities in a private placement under Rule 144A. This rule allows holders of securities to sell them to QIBs without registering them with the Securities and Exchange Commission (SEC).

According to Rule 144A(a)(1), a QIB can be:

• Insurance companies
• Investment companies
• State employee-benefit funds (e.g. pension funds)
• Trust funds that own and invest at least $100,000,000 in non-affiliated securities
• Dealers that own and invest at least $10,000,000 in non-affiliated securities

For example, a pension fund that manages over $100 million in assets could be a QIB. This means that they would be eligible to purchase securities in a private placement without having to register them with the SEC.

Another example could be an investment company that meets the requirements set forth by Rule 144A. This would allow them to purchase securities in a private placement without having to go through the registration process.

Overall, QIBs are institutional investors that have a lot of money to invest and are considered to be sophisticated investors. They are able to purchase securities in a private placement without having to go through the registration process, which can save time and money for both the issuer and the investor.