OPENING THE RECORD
OPENING THE RECORD
H.R. 4431 · 119TH CONGRESS
This has not become law. Both chambers must pass the same text before sending it to the president. How a bill becomes law.
CONGRESSIONAL RESEARCH SERVICE
Improving Capital Allocation for Newcomers Act of 2025
This bill expands qualification requirements for venture capital funds to include investment firms with more owners and capital contributions. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. Currently, an investment firm qualifies as a venture capital fund if, among other requirements (1) the fund's securities are owned by 250 persons or less, and (2) the fund has $10 million or less in aggregate capital contributions and uncalled committed capital. The bill increases these amounts to 2,000 persons and $150 million, respectively.
Written by the Congressional Research Service for this version of the bill. Later versions may differ. Read at Congress.gov.