I suspect this info might not be correct. AFAIK the "white paper" (better said, the "white papers" since there have been different revisions of it in the last few weeks) nowhere says that the pre-sale is reserved to institutional buyers, it just says that it is private which is something completely different.

In fact if you register online on the official Petro site for the pre-sale you can register also as a "Persona natural", receive an e-mail for the offer, make an offer and receive a .pdf to finalize the pre-sale, while not being an "institutional buyer".

Moreover as per the declarations of Maduro and the government of Venezuela themselves there have been tens if not hundreds of thousands of "offers" (and users, both "companies" and "individuals") in the first days of the pre-sale, numbers and users categories which are incompatible with a sale supposedly reserved to institutional buyers.

There are many other aspects of this sale which I find "opaque" but I will limit myself to this objection at the moment.