Developing and Empowering our Aspiring Leaders Act of 2025

This bill directs the Securities and Exchange Commission (SEC) to change its rules within 180 days on which funds count as venture capital funds, whose advisers are exempt from registering under the Investment Advisers Act of 1940. The SEC would have to count stock in a qualifying portfolio company as a qualifying investment, whether the fund bought it directly from the company or from another holder. It would also count investments in other venture capital funds as qualifying investments. To qualify as a venture capital fund, a fund could hold no more than 49 percent of its committed capital in other venture capital funds or in investments bought on the secondary market.

Full text and official record on Congress.gov

Sponsors

• Mike Rounds Republican sponsor
• 1 cosponsors