SEC Venture Capital Fund Qualifying Investments

Current understanding

To be populated as evidence accumulates.

2025-12-02 — Improving Capital Allocation for Newcomers Act of 2025: cross-connection with improving-capital-allocation-newcomers-act-2025: Both address the regulatory perimeter for venture capital funds under the Investment Advisers Act — this bill scales the size/ownership thresholds while the SEC qualifying-investments page addresses what portfolio holdings count as VC investments. (novelty: 3)
2025-12-02 — Developing and Empowering our Aspiring Leaders Act of 2025: HR4429 (Developing and Empowering our Aspiring Leaders Act of 2025) introduced, directing the SEC to revise VC fund rules so that secondary transactions and investments in other VC funds count as qualifying investments, subject to a predominance requirement that a fund’s investments remain primarily direct or in other VC funds. (novelty: 3)