#aai? ,,congress  #a/ ,session  ,h4 ,r4 
#ddbi  ,,an ,,act  ,to require !        
,securities & ,ex*ange ,commission to   
revise ! def9ition ( a qualify+         
inve/m5t1 = purposes ( ! exemption f    
regi/ration = v5ture capital fund       
advis]s "u ! ,inve/m5t ,advis]s ,act (  
#aidj1 to include an equity security    
issu$ by a qualify+ portfolio company & 
to include an inve/m5t 9 ano!r v5ture   
capital fund1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,develop+ & ,emp[]+ our ,aspir+ ,lead]s 
,act ( #bjbe4  #b4 ,def9itions ,n lat]  
?an ! end ( ! #ahj-;day p]iod beg9n+ on 
! date ( ! enactm5t ( ?is ,act1 !       
,securities & ,ex*ange ,commission      
%all--  7#a7 revise ! def9ition ( a     
qualify+ inve/m5t "u p>agraph 7c7 (     
section #bge4bjc7l7-#a ( title #ag1     
,code ( ,f$]al ,regulations-- 7,a7 to   
include an equity security issu$ by a   
qualify+ portfolio company1 :e!r acquir$
 directly f ! company or 9 a second>y   
acquisition2 &  7,b7 to specify t an    

inve/m5t 9 ano!r v5ture capital fund 7z 
def9$ 9 p>agraph 7a7 section            
#bge4bjc7l7-#a ( title #ag1 ,code (     
,f$]al ,regulations7 is a qualify+      
inve/m5t "u su* def9ition2 &  7#b7      
revise p>agraph 7a7 ( su* section to    
require1 z a condition ( a private fund 
qualify+ z a v5ture capital fund "u su* 
p>agraph1 t1 imm$iately aft] !          
acquisition ( any asset1 su* fund holds 
no m ?an #di p]c5t ( ! am\nt ( ! fund's 
aggregate capital contributions &       
uncall$ committ$ capital 7exclud+       
%ort-t]m hold+s7 9--  7,a7 "o or m      
v5ture capital funds2 or  7,b7 qualify+ 
inve/m5ts acquir$ 9 a second>y          
acquisition1 valu$ at co/ or fair value1
 consi/5tly appli$ by ! fund4  ,pass$ ! 
,h\se ( ,repres5tatives ,decemb] #a1    
#bjbe4;,cl]k4