foreign private adviser
(30) The term “foreign private adviser” means any investment adviser who— (A) has no place of business in the United States; (B) has, in total, fewer than 15 clients and investors in the United States in private funds advised by the investment adviser; (C) has aggregate assets under management attributable to clients in the United States and investors in the United States in private funds advised by the investment adviser of less than $25,000,000, or such higher amount as the Commission may, by rule, deem appropriate in accordance with the purposes of this subchapter; and (D) neither— (i) holds itself out generally to the public in the United States as an investment adviser; nor (ii) acts as— (I) an investment adviser to any investment company registered under the Investment Company Act of 1940 [ 15 U.S.C. 80a–1 et seq.]; or (II) a company that has elected to be a business development company pursuant to section 54 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–53 ), and has not withdrawn its election.