(iii) Any equity security issued by a company of which a qualifying portfolio company is a majority-owned subsidiary, as defined in section 2(a)(24) of the Investment Company Act of 1940 ( 15 U.S.C. (ii) Any equity security issued by a qualifying portfolio company in exchange for an equity security issued by the qualifying portfolio company described in paragraph (c)(3)(i) of this section or (i) An equity security issued by a qualifying portfolio company that has been acquired directly by the private fund from the qualifying portfolio company (2) Equity security has the same meaning as in section 3(a)(11) of the Securities Exchange Act of 1934 ( 15 U.S.C. (ii) Make capital contributions to the private fund. (i) Acquire an interest in the private fund or (1) Committed capital means any commitment pursuant to which a person is obligated to: (3) Does not sell any securities to (including accepting any committed capital from) any person after July 21, 2011.
(2) Prior to December 31, 2010, has sold securities to one or more investors that are not related persons, as defined in § 275.206(4)–2(d)(7), of any investment adviser of the private fund and (1) Has represented to investors and potential investors at the time of the offering of the private fund's securities that it pursues a venture capital strategy
80b–3(l)) and in addition to any venture capital fund as set forth in paragraph (a) of this section, a venture capital fund also includes any private fund that: For purposes of section 203(l) of the Act ( 15 U.S.C. (b) Certain pre-existing venture capital funds. 80a–8), and has not elected to be treated as a business development company pursuant to section 54 of that Act ( 15 U.S.C. (5) Is not registered under section 8 of the Investment Company Act of 1940 ( 15 U.S.C.
VENTURE CAPITAL FUND DEFINITION PRO
(4) Only issues securities the terms of which do not provide a holder with any right, except in extraordinary circumstances, to withdraw, redeem or require the repurchase of such securities but may entitle holders to receive distributions made to all holders pro rata and (3) Does not borrow, issue debt obligations, provide guarantees or otherwise incur leverage, in excess of 15 percent of the private fund's aggregate capital contributions and uncalled committed capital, and any such borrowing, indebtedness, guarantee or leverage is for a non-renewable term of no longer than 120 calendar days, except that any guarantee by the private fund of a qualifying portfolio company's obligations up to the amount of the value of the private fund's investment in the qualifying portfolio company is not subject to the 120 calendar day limit (2) Immediately after the acquisition of any asset, other than qualifying investments or short-term holdings, holds no more than 20 percent of the amount of the fund's aggregate capital contributions and uncalled committed capital in assets (other than short-term holdings) that are not qualifying investments, valued at cost or fair value, consistently applied by the fund (1) Represents to investors and potential investors that it pursues a venture capital strategy 80b–3(b)(8)) (other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section 54 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–53)) or any entity described in subparagraph (A) or (B) of section 203(b)(8) of the Act ( 15 U.S.C.
80b–3(b)(7)) (other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section 54 of the Investment Company Act of 1940 ( 15 U.S.C. 80b–3( l)), a venture capital fund is any entity described in subparagraph (A), (B), or (C) of section 203(b)(7) of the Act ( 15 U.S.C. For purposes of section 203( l) of the Act ( 15 U.S.C. § 275.203(l)-1 Venture capital fund defined.
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