Qualifying venture capital funds are a subset of all venture capital funds defined in the venture capital fund adviser exemption. Generally, structured vehicles that rely on Regulation D are limited to 100 investors. However, Qualifying Venture Capital Funds that meet the definition a “venture capital fund” stipulated by the Investment Advisers Act of 1940 can raise capital from up to 250 investors if they manage less than $10 million. An SPV can be considered a qualifying venture capital fund.
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