Modernizing the SEC’s Definition of Venture Capital Fund

Background on SEC's VC Fund Definition Where it Came From: Dodd-Frank eliminated the exemption from registration for investment advisors with fewer than 15 clients, thus forcing hedge funds and private equity funds to become registered investment advisors (RIAs). ● BUT, Congress specifically exempted venture capital funds from the requirement, allowing them to register as exempt reporting advisors (ERAS). • Directed the SEC to create definition of "venture capital fund" to determine who qualifies for ERA status. nvca

View entire presentation