; (II) is a United States citizen; and (III) has made at least 2 equity investments of not less than $50,000 in each of the previous 3 years. (ii) Qualified venture capitalist The term qualified venture capitalist means an entity that— (I) is classified as a venture capital operating company under section 2510.3–101(d) of title 29, Code of Federal Regulations; (II) is based in the United States; (III) is comprised of partners, the majority of whom are United States citizens; (IV) has capital commitments of not less than $10,000,000; (V) has been operating for at least 2 years; and (VI) has made at least 2 investments of not less than $500,000 during each of the most recent 2 years. . (b) Conditional permanent resident status Section 216A of the Immigration and Nationality Act ( 8 U.S.C. 1186b ) is amended— (1) by striking Attorney General each place such term appears and inserting Secretary of Homeland Security ; (2) in subsection (a)— (A) in paragraph (1)— (i) by striking (as defined in subsection (f)(1)) and inserting , sponsored entrepreneur ; and (ii) by striking (as defined in subsection (f)(2)) shall and inserting shall each ; and (B) in paragraph (2)(A), by inserting sponsored entrepreneur, after alien entrepreneur, ; (3) in subsection (b), by adding at the end the following: (3) Sponsored entrepreneurs The Secretary of Homeland Security shall terminate the permanent resident status of a sponsored entrepreneur and the alien spouse and children of such entrepreneur if the Secretary determines, not later than 3 years after the date on which such permanent resident status was conferred, that— (A) the qualified venture capitalist or qualified super angel investor who sponsored the entrepreneur failed to meet the investment requirements under section 203(b)(6)(A)(i); or (B) the entrepreneur failed to meet the job creation, capital investment, or revenue generation requirements under section 203(b)(6)(A)(ii).