No. The investor must be engaged in the enterprise through management or policy formulation, and a limited partner with the rights a limited partner ordinarily has can meet that condition. Passive ownership with no rights at all does not.
Which document decides it
The document that answers this is the partnership or operating agreement, specifically the provisions on investor rights. Hypothetical example: a Lévis insurance executive intends to keep her job and invest in a regional-center project building a U.S. distribution facility.
She will not manage anything day to day, and the category does not require her to. What the file must show is that the agreement gives her the rights of a limited partner or member: voting on the matters the agreement reserves to investors, access to information, and the other rights the governing state's law attaches to that role. Ask the project for the agreement before subscribing and have counsel confirm those clauses exist.
Then check the other conditions the agreement does not settle: the amount matches the project's TEA or non-TEA status, the capital will be at risk, and the job allocation gives her ten. Engagement is the easy condition; do not let it distract from the others.