ADVISERS OF SBICS AND PRIVATE FUNDS.

SEC. 74002. ADVISERS OF SBICS AND PRIVATE FUNDS. Section 203(m) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(m)) is amended by adding at the end the following: “(3) Advisers of sbics.—For purposes of this subsection, the assets under management of a private fund that is 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) shall be excluded from the limit set forth in paragraph (1).” .