This bill proposes amendments to the Investment Advisers Act of 1940, establishing an exemption from registration requirements for certain investment advisers to private funds. To qualify, an adviser must solely manage private funds, possess less than $5,000,000,000 in assets under management in the United States, and ensure all investors in their funds are either qualified purchasers , accredited investors , or potentially licensed investment professionals. Furthermore, these private funds must not offer investors redemption or similar liquidity rights, except under extraordinary circumstances. Even when exempted, these private fund advisers would still be required to maintain records and submit reports to the Securities and Exchange Commission (SEC) every two years, with reporting burdens no greater than existing requirements. Separately, the bill reduces the regulatory burden for smaller investment advisers by stipulating that entities with less than $1,000,000,000 in assets are only required to file Form ADV every two years. The SEC is also mandated to develop a new, simplified short-form version of Form ADV for these smaller advisers within 280 days of the bill's enactment.