If these 2 bills pass Congress 👀 • 250 to 2,000 LPs in qualifying VC funds • $12M to $150M limit for VC funds • FoF & Secondaries=Qualifying Investments! Gov't tracker shows 1% prognosis but DC insiders say strong bipartisan support in today's committee h/t @OfficialBBrooks

H.R. 4429 - Developing and Empowering Our Aspiring Leaders Act (DEAL Act)—July 16, 2025 Expands VC fund "qualifying investments" to include secondary transactions & fund-of-funds investments. Would be massive win for VC & allows funds to invest predominantly in other VC funds.

H.R. 4431 - Investment Company Act (I CAN Act)—July 16, 2025 Massively expands VC fund limits; increases cap from 250 to 2,000 LPs and raises AUM limits from $10M to $150M per fund. Opens doors for emerging managers & more diverse LP bases while keeping regulatory exemptions.

Both of these have been in the works for several years. But this seems like the first time we're getting bipartisan support with @MaxineWaters expressing non-opposition to DEAL Act in markup committee (good). Source: (at -4:00 live)

H.R. 4429 & H.R. 4431 both received 50-2 votes in House committee today. Signals strong bipartisan support, still a long journey, but this is a very good sign.