; (B) the investment industry with expertise in pensions, endowments, and other non-banking institutions; (C) academia with expertise in the investment industry; or (D) a nonprofit institution, including a nonprofit institution that serves any of the entities described in subclauses (I) through (VII) of paragraph (1)(B)(i). (3) Private sector members Not fewer than 2 and not more than 4 of the members of the Advisory Committee shall be investors in the private sector who— (A) invest in small business concerns; and (B) as of the date of appointment, do not participate in the small business investment program under title III of the Small Business Investment Act of 1958 ( 15 U.S.C. 681 et seq. ). (4) Chairperson The Chairperson of the Advisory Committee shall be the member of the Advisory Committee appointed under paragraph (1)(A). (5) Period of appointment Members of the Advisory Committee shall be appointed for the life of the Advisory Committee. (6) Vacancies Any vacancy in the Advisory Committee shall be filled in the same manner as the original appointment. (d) Deadline for appointment Not later than 60 days after the date on which the covered Members provide the lists to the Administrator under subsection (c)(2), the Administrator shall— (1) appoint the members of the Advisory Committee; and (2) submit to Congress a list of the members so appointed. (e) Duties The Advisory Committee shall provide advice and recommendations to the Administrator concerning— (1) policy and program development and other matters of significance concerning activities under the Small Business Act ( 15 U.S.C. 631 et seq. ) and the Small Business Investment Act of 1958 ( 15 U.S.C. 661 et seq. ), including diversifying management teams or companies; (2) incentives for small business investment companies to— (A) invest and locate in underlicensed States and underfinanced States