,,ii  #aai? ,,congress  #a/ ,session    
,s4 #ccea  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #d1 #bjbe,mr4 
,r\nds 7= himself & ,mr4 ,w>nock7       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,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 ,revisions ( regulatory     
def9itions ,n lat] ?an #ahj days aft] ! 
date ( enactm5t ( ?is ,act1 !           
,securities & ,ex*ange ,commission      
%all-- 7#a7 revise ! def9ition ( a      
qualify+ inve/m5t "u section            

#bge4bjc7l7-#a7;c7 ( title #ag1 ,code ( 
,f$]al ,regulations1 or any successor   
regulation-- 7,a7 to include an equity  
security issu$ 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 section  
#bge4bjc7l7-#a7;a7 ( title #ag1 ,code ( 
,f$]al ,regulations1 or any successor   
regulation7 is a qualify+ inve/m5t "u t 
def9ition2 &  7#b7 revise section       
#bge4bjc7l7-#a7;a7 ( title #ag1 ,code ( 
,f$]al ,regulations1 or any successor   
regulation1 to require1 z a condition ( 
a private fund qualify+ z a v5ture      
capital fund "u t provision1 t1         
imm$iately aft] ! acquisition ( any     
asset1 ! fund holds n m ?an #di p]c5t ( 
! am\nt ( ! aggregate capital           
contributions & uncall$ committ$ capital
 7exclud+ %ort-t]m hold+s7 ( ! fund 9-- 
7,a7 #a 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