Developing and Empowering our Aspiring Leaders Act of 2025
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill directs the SEC to expand the venture capital fund qualifying-investment definition to include certain secondary acquisitions and investments in other venture capital funds, while capping those assets at 49 percent of fund capital.
Who Benefits and How
Venture capital funds and their investors could gain more flexibility to acquire qualifying portfolio-company securities secondarily and to invest in other venture capital funds while retaining venture-capital-fund status.
Who Bears the Burden and How
The SEC would need to revise its venture-capital-fund regulations, and venture capital funds would need to monitor a new 49 percent cap on secondary-acquisition and fund-of-funds holdings.
Key Provisions
- Directs the SEC to treat certain secondary acquisitions of qualifying portfolio-company equity as qualifying investments.
- Directs the SEC to allow investments in other venture capital funds to count as qualifying investments.
- Requires the SEC's revised definition to cap secondary-acquisition and venture-capital-fund holdings at 49 percent of aggregate capital contributions and uncalled committed capital.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
This bill directs the SEC to expand the venture capital fund qualifying-investment definition to include certain secondary acquisitions and investments in other venture capital funds, while capping those assets at 49 percent of fund capital.
Key Policy Areas
Finance, Government Administration
Primary Purpose
This bill directs the SEC to expand the venture capital fund qualifying-investment definition to include certain secondary acquisitions and investments in other venture capital funds, while capping those assets at 49 percent of fund capital.
Policy Domains
Main Provisions
Identified Gains
Contextual inference, no direct clause citation- Venture capital funds and investors seeking more flexibility in qualifying investments
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- The SEC and venture capital funds that must implement and monitor the revised eligibility rules
Contextual inference, no direct clause citation
Sponsors
Legislative Progress
In CommitteeMr. Rounds (for himself and Mr. Warnock) introduced the following …
Read twice and referred to the Committee on Banking, Housing, …
Introduced in Senate
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Securities and Exchange Commission officials responsible for revising and implementing the rule
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology