Definitions

In this Act: (1) Controls With respect to a legal entity, a person controls the legal entity if the person owns, or otherwise has the power to vote, more than 50 percent of the equity voting securities of the legal entity. (2) Covered private fund The term covered private fund means an issuer— (A) that would be an investment company, as defined in the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.), but for paragraph (1) or (7) of section 3(c) of that Act; (B) with more than $150,000,000 in assets under management; and (C) that, through legal entities controlled by the issuer, provides childcare at more than 25 locations.