What is a Qualified Eligible Person?  Well, according to the NFA:

A QEP is a sophisticated person who participates in a commodity pool or opens a managed account. The categories of persons who qualify as QEPs are listed in CFTC Regulation 4.7(a).

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A Definition from Investinganswers.com:

In order to be a QEP, a person must own at least $2,000,000 of securities and other investments, have an open account with a futures commission merchant for at least six months, have at least $200,000 of initial margin and option premiums for commodity interest transactions and have a portfolio of those investments.

QEPs are similar to, but not the same as, accredited investors. That is, they are considered sophisticated investors who understand the nature and risks of commodities trading and hedge funds. Accordingly, when funds allow only QEPs to be investors, they are involving only people who more fully understand the nature and risks of the investment. This provides an exemption from certain regulations for the hedge fund.