H.R. 4429 — what changed
Developing and Empowering our Aspiring Leaders Act of 2025
From Reported in House to Engrossed in House. 1 section amended between Reported in House and Engrossed in House.
Sec. 2 Definitions
Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Securities and Exchange Commission shall—
revise the definition of a qualifying investment under paragraph (c) of section 275.203(l)–1 of title 17, Code of Federal Regulations—
to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition; and
changed
to specify that an investment in another venture capital fund (as defined in paragraph (a) section 275.203(l)–1 of title 17, Code of Federal Regulations) is a qualifying investment under such definition; and
changed
revise paragraph (a) of such section to—to require, as a condition of a private fund qualifying as a venture capital fund under such paragraph, that, immediately after the acquisition of any asset, such fund holds no more than 49 percent of the amount of the fund’s aggregate capital contributions and uncalled committed capital (excluding short-term holdings) in—
changed
require, as a condition of a private fund qualifying as a one or more venture capital fund under such paragraph, that not less than 51 percent of the fund’s aggregate capital contributions and uncalled committed capital (other than short term holdings) shall consist of equity securities acquired directly from a qualifying portfolio company, including immediately after the acquisition of any asset; andfunds; or
changed
specify that up to 49 percent of the fund’s aggregate capital contributions and uncalled committed capital (other than short term holdings) may consist of qualifying investments in one or more venture capital funds, as well as securities acquired in a secondary acquisition.acquisition, valued at cost or fair value, consistently applied by the fund.