Under US securities laws, certain private funds are not required to be registered or regulated as investment companies laws such as under the following exclusions:

·       Traditional 3(c)(1) Fund (no more than 100 beneficial owners)

·       3(c)(7) Fund (limited to qualified purchasers)

·       3(c)(1) Qualifying Venture Capital Fund (no more than $10M from no more than 250 beneficial owners).

Fund advisers are required to register with the SEC unless they are exempt from applicable registration requirements such as investment advisers who solely manage qualifying venture capital funds or solely manage private fund assets of less than $150 million. They are, however, required to make certain filings and report certain information annually to the SEC as exempt reporting advisers.