Private Fund | Fairview Investments

News & Insights: Private Fund

SEC Revises Marketing FAQ to Address Private Fund Net Performance

On January 11, 2023, the SEC updated its Frequently Asked Questions page for the New Marketing Rule. There are now three questions and three answers.

SEC Proposes Rule to Reduce Form PF Filing

On April 20, 2026, the SEC and CFTC jointly proposed amendments to Form PF that would drastically reduce both the number of filers and the specific requirements for reporting that have expanded through prior amendments.

SEC Enforcement Action for Valuation Practices of Private Fund Manager

On February 25, 2026, the SEC announced settled charges against an investment adviser for selling loans to private fund clients without determining whether those trades were at fair market value. Lack of a fair market value determination was contrary to the advisory agreements and other disclosures to private fund investors.

CFTC No-Action Relief from Commodity Pool Operator Registration for Private Fund Managers

On December 19, 2025, the Commodity Futures Trading Commission’s Market Participants Division (“MPD”) announced a no-action letter stating the MPD will not recommend the CFTC initiate an enforcement action against firms registered as investment advisers with the SEC, who operate commodity pools privately offered solely to sophisticated investors known as qualified eligible persons (“QEPs”), for failing to register as a commodity pool operator, subject to certain conditions.

Amended Form PF Compliance Date Extended Again to October 2026

On September 17, 2025, The Securities and Exchange Commission (“SEC”), jointly with the Commodity Futures Trading Commission (“CFTC”), voted to extend the compliance date for the amendments to Form PF again.

Flash Reports
08 Sep, 2025

SEC Charges Investment Adviser for Overcharging Management Fees to Private Funds

On August 15, 2025, the SEC announced charges against a Registered Investment Adviser for its management fee calculation practices for private fund clients. Each fund has a limited partnership agreement (“LPA”) that states the adviser is entitled to management fees and may receive transaction fees, including advisory fees, monitoring fees, and other fees, from portfolio companies.

Further Extension of Amended Form PF Compliance Date to October 2025

On June 11, 2025, the Securities and Exchange Commission (“SEC”), jointly with the Commodity Futures Trading Commission (“CFTC”), voted to further extend the compliance date for the amendments to Form PF that were adopted on February 8, 2024.

Flash Reports
17 Mar, 2025

SEC No-Action Letter Clarifies 506(c) Exemption for Private Funds

The SEC recently issued a no-action letter with guidance on what constitutes “reasonable steps” to verify that a purchaser is an accredited investor.

SEC Charges Officers at Private Fund Manager for Misuse of Fund and Portfolio Company Assets

On March 7, 2025, the Securities and Exchange Commission (“SEC”) announced settled charges against a registered investment adviser, its former managing partner, and its former chief operating officer for misappropriation of private fund and portfolio company assets.

What We Learned from the Failed Private Fund Rules

The SEC did not appeal the landmark decision of the Fifth Circuit that vacated the Private Fund Rules. The SEC could still appeal to the Supreme Court, though success there is looking less and less likely for the commission. Assuming the rules are gone for good, the private fund industry just avoided the time and expense of creating new compliance procedures.

Flash Reports
13 Feb, 2024

SEC Marketing FAQ: Net IRR Guidance for Private Funds

On February 6, 2024, the SEC updated its Frequently Asked Questions page for the new Marketing Rule. The page now has four questions and four answers, which provide clarity on items such as the compliance date of November 4, 2022, and an adviser’s ability to comply early; the prescribed time period requirement and conditions on the use of interim performance information; presenting performance of one investment or group of investments in a private fund; and calculation of gross and net performance.