HR 4429
Passed a chamber
Requires the Securities and Exchange Commission to revise its venture capital fund rules so that equity stakes in qualifying portfolio companies and investments in other venture capital funds count as qualifying investments, and caps how much of a fund's capital can sit in other venture funds or secondary purchases.
Official title: Developing and Empowering our Aspiring Leaders Act of 2025
Timeline each lane is a chamber; dates pull from congress.gov actions
House
Introduced
16-JUL-2025
Referred
16-JUL-2025
Approved by committee
22-JUL-2025
Reported
08-SEP-2025
On the calendar
08-SEP-2025
Passed
01-DEC-2025
Senate
Received
02-DEC-2025
- Directs the SEC to revise the definition of a qualifying investment within 180 days of enactment to include equity securities of qualifying portfolio companies, whether bought directly or in a secondary acquisition
- Specifies that an investment in another venture capital fund is a qualifying investment
- Requires that, immediately after acquiring any asset, a venture capital fund hold no more than 49 percent of its aggregate capital contributions and uncalled committed capital (excluding short-term holdings) in other venture capital funds or in secondary-acquired qualifying investments
Covers an older version. The newest CRS summary describes the bill as of "Introduced in House" (16-JUL-2025); the text has changed since (Engrossed in House, 01-DEC-2025).
CRS is the Library of Congress's nonpartisan research office. Read it on congress.govFinance and Financial Sector
■ 1 D
1 Democrat