Bill > HR4227

This bill, the Developing and Empowering our Aspiring Leaders Act of 2022, requires the Securities and Exchange Commission (SEC) to revise the definition of a "qualifying investment" under the Investment Advisers Act of 1940. The bill directs the SEC to include equity securities issued by a "qualifying portfolio company" in the definition, whether acquired directly from the company or in a secondary acquisition. Additionally, the bill requires that as a condition for a private fund to qualify as a venture capital fund, the qualifying investments of the private fund must be predominantly acquired directly from a qualifying portfolio company.