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US HB4429
Bill
Status
12/2/2025
Primary Sponsor
Ann Wagner
Click for details
AI Summary
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SEC must revise the definition of "qualifying investment" within 180 days to include equity securities issued by qualifying portfolio companies, whether acquired directly or through secondary acquisition
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Investments in other venture capital funds will now explicitly qualify as "qualifying investments" under the Investment Advisers Act of 1940 registration exemption
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Venture capital funds must hold no more than 49% of aggregate capital contributions and uncalled committed capital in other VC funds or secondary acquisitions to maintain exempt status
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Passed the House of Representatives on December 1, 2025
Legislative Description
Developing and Empowering our Aspiring Leaders Act of 2025
Finance and financial sector
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
12/2/2025