To amend the Investment Company Act of 1940 with respect to the definition of qualifying venture capital funds, and for other purposes.
Improving Capital Allocation for Newcomers Act of 2021 [sic]
This bill revises qualification requirements for venture capital funds. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. Currently, an investment firm qualifies as a venture capital fund if, among other requirements (1) the fund's securities are owned by 250 persons or less, and (2) the fund has $10 million or less in aggregate capital contributions and uncalled committed capital. The bill increases these amounts to 2000 persons and $150 million, respectively.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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