More terms
3(c)(1)
A private fund exclusion for pooled vehicles with no more than 100 beneficial owners, or up to 250 for a qualifying venture capital fund, subject to the other Section 3(c)(1) conditions.
What traders should verify
For 3(c)(1), inspect the legal structure, adviser and Form ADV, investor eligibility, strategy, holdings, fees, leverage, liquidity, conflicts, and reporting date.
Do not conflate
The label 3(c)(1) does not by itself establish registration status, current holdings, liquidity, risk, performance, or investor eligibility.
Primary source
SEC definitionSource boundary: this glossary reflects SEC staff views and is not a Commission rule, regulation, or statement. Check the linked source for current wording and legal context.