Venture Capital Funds and Advisers

Overview

A venture capital fund is one that predominantly takes equity positions in startup companies for which there is no current trading market ("qualifying investments"). Subject to significant conditions, the adviser to the fund can likewise benefit from an exemption from registration. However, such an adviser may be an "exempt reporting adviser. " (An "exempt reporting adviser" is an adviser that qualifies for an exemption from SEC registration (although not from SEC reporting and potentially from state reporting) because either it is a venture capital fund adviser or a private fund adviser; see the topic page on Exempt Reporting Advisers.

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