ADVISERS OF SBICS AND VENTURE CAPITAL FUNDS.

SEC. 74001. ADVISERS OF SBICS AND VENTURE CAPITAL FUNDS. Section 203(l) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(l)) is amended— (1) by striking “No investment adviser” and inserting the following: “(1) In general.—No investment adviser” ; and (2) by adding at the end the following: “(2) Advisers of sbics.—For purposes of this subsection, a venture capital fund includes an entity described in subparagraph (A), (B), or (C) of subsection (b)(7) (other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section 54 of the Investment Company Act of 1940).” .