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News & Insights: Private Fund

SEC’s 2027 Exam Priorities: What Your Compliance Program Needs to Strengthen

On October 23, the SEC’s Division of Examinations released its 2027 Examination Priorities. Conflicts of interest, private funds, Super Intelligence (SI), cybersecurity, and Regulation S-P are among the focus areas. Here’s what examiners will look for and the steps advisers should take to strengthen their compliance programs now.

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.

Artificial Intelligence
27 Dec, 2023

Year in Review

2023 was a busy year for the SEC. From the sweeping Private Fund Adviser Rules to the SEC’s proposed predictive analytics rules and more, investment advisers are in for a busy 2024 as well.

Exams & Exam Priorities
17 Oct, 2023

What the SEC Plans for Next Year: 2024 SEC Examination Priorities Are Already Published

On October 16, 2023, the SEC’s Division of Examinations (“EXAMS”) published its 2024 Examination Priorities. These annual priorities highlight certain practices, products, and services that present potentially heightened risks to investors or the integrity of US capital markets.

Certain Form PF Filers Will Have New Questions, More Reporting :: Impacts Advisers to Private Equity Funds and Large Hedge Funds

On May 3, 2023, the U.S. Securities and Exchange Commission (SEC) announced the adoption of amendments to the Form PF. This rule will impact all Form PF Large filers and all Form PF filers who manage private equity (PE) funds.

CyberSecurity
13 Feb, 2023

SEC Expected to Finalize Cybersecurity Rule Spring 2023

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 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.

Flash Reports
15 Aug, 2022

Proposed Amendments to Form PF

The SEC proposed amendments to Form PF that “are designed to provide greater insight into private funds operations and strategies”.

SEC Continues Focus on Private Fund Advisers

As private fund advisers continue to play a larger role in the financial markets, the Division of Examinations published a risk alert of their observations