The U.S. Securities and Exchange Commission (SEC) has approved new rules to update the definition of qualifying venture capital funds. The rules raise the size threshold for venture capital fund exemption from $10 million to $12 million, allowing smaller funds more flexibility. Additionally, the average limited partner commitment has increased from $40,000 to $48,000. These changes are part of a congressional mandate aimed at easing regulatory costs for small venture capital funds, while maintaining a limit of 250 limited partners per fund.