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Developing and Empowering our Aspiring Leaders Act of 2025
Summary
The bill requires the Securities and Exchange Commission to revise the definition of "qualifying investment" for venture capital fund advisers under federal securities law within 180 days of enactment. The revision must clarify that equity securities issued by portfolio companies (whether acquired directly or through secondary acquisitions) and investments in other venture capital funds are qualifying investments. The bill also requires the SEC to revise conditions for private funds to qualify as venture capital funds, limiting holdings in other venture capital funds or secondary acquisitions to no more than 49 percent of the fund's total capital contributions and uncalled committed capital. These changes expand the types of investments that venture capital funds can make while maintaining their exemption from SEC registration requirements.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Wagner, Ann [R-MO-2] (R-MO)
1 cosponsor
- Rep. Casten, Sean [D-IL-6] (D-IL)
Actions (13)
- Dec 2, 2025 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Dec 1, 2025 Motion to reconsider laid on the table Agreed to without objection. · house
- Dec 1, 2025 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949) · house
- Dec 1, 2025 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)
- Dec 1, 2025 DEBATE - The House proceeded with forty minutes of debate on H.R. 4429. · house
- Dec 1, 2025 Considered under suspension of the rules. (consideration: CR H4948-4950) · house
- Dec 1, 2025 Mr. Davidson moved to suspend the rules and pass the bill, as amended. · house
- Sep 8, 2025 Placed on the Union Calendar, Calendar No. 203. · house
- Sep 8, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246. · house
- Jul 22, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2. · house
- Jul 22, 2025 Committee Consideration and Mark-up Session Held · house
- Jul 16, 2025 Referred to the House Committee on Financial Services. · house
- Jul 16, 2025 Introduced in House
More bills on these subjects (8)
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Similar bills (6)
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Text versions (4)
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Full text
AN ACT
To require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Developing and Empowering our Aspiring Leaders Act of 2025”.
SEC. 2. DEFINITIONS.
Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Securities and Exchange Commission shall—
(1) revise the definition of a qualifying investment under paragraph (c) of section 275.203(l)-1 of title 17, Code of Federal Regulations—
(A) to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition; and
(B) to specify that an investment in another venture capital fund (as defined in paragraph (a) section 275.203(l)-1 of title 17, Code of Federal Regulations) is a qualifying investment under such definition; and
(2) revise paragraph (a) of such section to require, as a condition of a private fund qualifying as a venture capital fund under such paragraph, that, immediately after the acquisition of any asset, such fund holds no more than 49 percent of the amount of the fund’s aggregate capital contributions and uncalled committed capital (excluding short- term holdings) in—
(A) one or more venture capital funds; or
(B) qualifying investments acquired in a secondary acquisition, valued at cost or fair value, consistently applied by the fund.
Passed the House of Representatives December 1, 2025.
Attest:
Clerk. 119th CONGRESS
1st Session
H. R. 4429
AN ACT
To require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes.
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