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Yes– there is a 249 person limit to most standard vehicles that fit a "qualifying venture capital fund" exemption. This qualifications include but are not limited to:
- Not having more than $10,000,000 in aggregate capital contributions and uncalled committed capital
- Pursuing a “venture capital strategy”
- Holding 80% or more assets in “qualifying investments” (equity securities of portfolio companies)
This 249 number is measured against the number of Ultimate Beneficial Owners (UBOs), not simply the number of natural persons/entities that are subscribing to the vehicle.
As part of our offering, Seed Labs has integrated compliance software that manages this for you.