On July 15, 2010, the United States Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). President Obama is expected to sign the Dodd-Frank Act into law during the week of July 18, 2010. Title IV of the Dodd-Frank Act, subtitled the Private Fund Investment Advisers Registration Act of 2010, includes a number of amendments to the Investment Advisers Act of 1940 (the “Advisers Act”) relating to registration and reporting requirements for investment advisers to private funds.

In summary, the Dodd-Frank Act requires investment advisers to private equity and hedge funds with more than $150 million of assets under management (“AUM”) to register with the Securities and Exchange Commission (the “SEC” or the “Commission”).1 Investment advisers to venture capital funds are exempt from registration, but will be subject to heightened reporting requirements. The discussion below details specific changes to the Advisers Act, which are expected to go into effect one year after the enactment of the Dodd-Frank Act.