Subject: File No. S7-06-13
From: Joe Lonsdale
Affiliation: General Partner, Formation 8, Executive Chairman, Addepar, co-founder, Palantir Technologies

August 23, 2013

As a founder of multiple companies which have raised hundreds of millions in private capital, I know first-hand how onerous and distracting the fundraising process can be. As a current venture capital investor, I appreciate the diligence process and the risk associated with investing in early stage companies. Given this background, I fundamentally disagree with the proposed changes to Regulation D. These changes place unrealistic pre-filing requirements on early stage companies, a policy which shows a total lack of understanding on how young companies operate. I urge regulators to listen to those within the business community and make no changes to Regulation D