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Developing and Empowering our Aspiring Leaders Act of 2025
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.
Summary
This bill directs the Securities and Exchange Commission to revise its regulatory definitions for venture capital funds within 180 days of enactment. The revisions would expand the definition of qualifying investments for venture capital fund advisers to include equity securities issued by companies in the fund's portfolio, whether acquired directly or through secondary purchases. The revisions would also explicitly designate investments in other venture capital funds as qualifying investments. Additionally, the bill requires the SEC to add a diversification requirement stating that venture capital funds cannot hold more than 49 percent of their capital in other venture capital funds or secondary acquisitions. These changes affect the regulatory treatment of venture capital fund investments under the Investment Advisers Act of 1940.
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)
- Sen. Rounds, Mike [R-SD] (R-SD)
1 cosponsor
Money behind the sponsor
Top reported contributors to Mike Rounds’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- APOLLO GLOBAL MANAGEMENT $30,350
- NULL $26,450
- APOLLO $19,250
- ROCKET MORTGAGE $15,700
- APOLLO MGMT. $13,200
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Mike Rounds → · Outside spending →
Actions (2)
- Dec 4, 2025 Introduced in Senate
- Dec 4, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
December 4, 2025
Mr. Rounds (for himself and Mr. Warnock) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
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. REVISIONS OF REGULATORY DEFINITIONS.
Not later than 180 days after the date of enactment of this Act, the Securities and Exchange Commission shall—
(1) revise the definition of a qualifying investment under section 275.203(l)-1(c) of title 17, Code of Federal Regulations, or any successor regulation—
(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 section 275.203(l)- 1(a) of title 17, Code of Federal Regulations, or any successor regulation) is a qualifying investment under that definition; and
(2) revise section 275.203(l)-1(a) of title 17, Code of Federal Regulations, or any successor regulation, to require, as a condition of a private fund qualifying as a venture capital fund under that provision, that, immediately after the acquisition of any asset, the fund holds not more than 49 percent of the amount of the aggregate capital contributions and uncalled committed capital (excluding short-term holdings) of the fund in—
(A) 1 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. <all>
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