RegAlert2001-07-23
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SEC Division of Investment Management staff letter: Windamere Capital Ventures, L.P., Windamere Capital Ventures Company, LLC
The SEC staff will not recommend enforcement action to the Commission under Section 7 of the Investment Company Act of 1940 against Windamere Capital Ventures, L.P. or its general partner if they do not register as an investment company. This non-enforcement assurance applies despite the entities' inability to comply with Section 6(a)(5)(A) requirements that at least 80% of securities be held by California residents and that purchasers be accredited investors, due to the Small Business Administration's purchase of participating securities. The staff's position is based on representations that California persons will hold at least 80% of securities not sold to the SBA and that the SBA's status as a U.S. government agency mitigates investor protection concerns.
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Windamere Capital Ventures, L.P.
July 23, 2001
RESPONSE OF THE OFFICE OF CHIEF COUNSEL DIVISION OF INVESTMENT MANAGEMENT
Our Ref. No. 20000095 Windamere Capital Ventures, L.P File No. 132-3________
Your letter dated July 11, 2001 requests our assurance that we would not recommend enforcement action to the Securities and Exchange Commission (the "Commission") under Section 7 of the Investment Company Act of 1940 (the "1940 Act") against Windamere Capital Ventures, L.P. ("Windamere Capital") or its general partner, Windamere Capital Ventures Company, LLC, if Windamere Capital does not register with the Commission as an investment company. You state that you are requesting our assurance because you believe that Windamere Capital would not be able to rely on the exemption from the requirements of the 1940 Act, including the registration requirements, that Section 6(a)(5)(A) of the 1940 Act provides if the Small Business Administration ("SBA") purchases certain securities issued by Windamere Capital. FACTS
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