I 118th CONGRESS 1st Session H. R. 2790 IN THE HOUSE OF REPRESENTATIVES April 20, 2023 Mr. Timmons introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Investment Company Act of 1940 with respect to the definition of qualifying venture capital funds, and for other purposes.

1. Short title This Act may be cited as the Improving Capital Allocation for Newcomers Act of 2021 . 2. Qualifying venture capital funds Section 3(c)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(1) ) is amended— (1) in the matter preceding subparagraph (A), by striking 250 persons and inserting 2,000 persons ; and (2) in subparagraph (C)(i), by striking $10,000,000 and inserting $150,000,000 .