### Question
How does the law define combined capital?


### Answer
Under *15 U.S.C. § 683*, **combined capital** is defined as:

> the aggregate amount of private capital and outstanding leverage and (B) the term "management expenses" includes salaries, office expenses, travel, business development, office and equipment rental, bookkeeping and the development, investigation and monitoring of investments, but does not include the cost of services provided by specialized outside consultants, outside lawyers and outside auditors, who perform services not generally expected of a venture capital company nor does such term include the cost of services provided by any affiliate of the company which are not part of the normal process of making and monitoring venture capital investments

#### Citation:
  - *15 U.S.C. § 683*
  - Heading: **CHAPTER 14B-SMALL BUSINESS INVESTMENT PROGRAM > SUBCHAPTER III-INVESTMENT DIVISION PROGRAMS > Part A-Small Business Investment Companies**

