H.R. 4429 — what changed
Developing and Empowering our Aspiring Leaders Act of 2025
From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported 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
to specify that an investment in another venture capital fund is a qualifying investment under such definition; and
changed
revise paragraph (a) of such section to require, as a condition of a private fund qualifying as a venture capital fund under such paragraph, that the qualifying investments of the private fund are either—to—
changed
predominantly require, as a condition of a private fund qualifying investments as a venture capital fund under such paragraph, that were 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; orcompany, including immediately after the acquisition of any asset; and
changed
predominantly qualifying 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 investments in another venture capital fund one or other more venture capital funds.funds, as well as securities acquired in a secondary acquisition.