3(c)(1) Exemption
In order for an SPV to not be subject to the Investment Company Act of 1940, the SPV must comply with various exemptions. The 3(c)(1) exemption states that no more than 100 accredited investors can participate in the SPV (there is another exemption called the Qualifying Venture Capital Fund exemption that allows, in certain circumstances, […]
3(c)(7) Exemption
In order for an SPV to not be subject to the Investment Company Act of 1940, the SPV must comply with various exemptions. The 3(c)(7) exemption states that no more than 2000 qualified purchaser investors can participate in the SPV. An SPV that is using the 3(c)(7) exemption cannot have a single “accredited investor” but […]