### Question
How is the "private fund" defined?


### Answer
The term **private fund** is defined in *15 U.S.C. § 80b* as follows -

> an issuer that would be an investment company, as defined in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a–3), but for section 3(c)(1) or 3(c)(7) of that Act

#### Citation:
  - *15 U.S.C. § 80b*
  - Heading: **CHAPTER 2D-INVESTMENT COMPANIES AND ADVISERS > SUBCHAPTER II-INVESTMENT ADVISERS**

