Structuring Your VC Fund Under Dodd-Frank

Law360, New York (May 16, 2012, 12:10 PM EDT) -- Before the Dodd-Frank Act, fund managers generally did not register as investment advisers under the Investment Advisers Act of 1940 (the “Advisers Act”) because they relied on the private adviser exemption. Title IV of the Dodd-Frank Act eliminated the private adviser exemption, but added a new exemption for managers of venture capital funds. If a manager is forming a venture capital fund, the manager should consider the factors set forth below to reduce the manager’s registration burden under the Advisers Act.


Under Section 203(l) of...
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