Alabama Subscription Agreement - A Section 3C1 Fund
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FAQ
The venture capital fund adviser exemption allows advisers to venture capital funds to avoid certain regulations under the Investment Advisers Act.
To qualify as a VCOC, the fund must invest at least 50% of its assets in ?venture capital investments.? An investment qualifies as a venture capital investment if it is an investment in an ?operating company? and the fund obtains specific direct contractual management rights in the portfolio company.
Generally, an entity is a VCOC if: on each measuring date, at least 50% of its assets are invested in venture capital investments or derivative investments and the entity has ?management rights? (the ?50% Test?); AND. during the evaluation period, the entity actually exercises management rights (the ?Management Test?).
However, unlike mutual funds, hedge funds are not registered with the SEC. This means that hedge funds are subject to very few regulatory controls. In addition, many hedge fund managers are not required to register with the SEC and therefore are not subject to regular SEC oversight.
Qualifying venture capital fund requirements It has no more than 250 beneficial owners. It manages no more than $10 million in assets. It meets the definition of a ?venture capital fund? stipulated by the Investment Advisers Act of 1940 (Advisers Act).
A 3(c)(1) fund is a pooled investment vehicle that is excluded from the definition of investment company in the Investment Company Act because it has no more than 100 beneficial owners (or, in the case of a qualifying venture capital fund, 250 beneficial owners) and otherwise meets criteria outlined in Section 3(c)(1) ...
Section 3(a)(1) of the 1940 Act defines the term ?investment company.? Specifically, Section 3(a)(1)(A) of the 1940 Act defines ?investment company? to mean ?any issuer which is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in ...
?Venture Capital Operating Company? or ?VCOC? to make sure fund sponsors lived up to their claims of. active engagement with their portfolio companies. ingly, when an employee benefit plan subject to. ERISA or the prohibited transaction rules of the Internal Revenue Code (generally a private pension plan.