Private Fund Reform Knowledge Hub

On August 23, 2023, a divided SEC voted to adopt enhanced regulations of private fund advisers and to update the Compliance Rule for all investment advisers. The new rules include several new requirements including providing quarterly statements to fund investors; completing annual audit requirements for each private fund; and a requirement for adviser-led secondary transactions to obtain a fairness opinion or valuation opinion in connection with the transaction.

The resources below include detailed information and guidance on various aspects of the new Private Fund Reform rules. Check back often; our team of regulatory experts is constantly producing new information and guidance that may be helpful as you navigate what the new reforms may mean for you and your firm.

Resources

Webinar: The New Private Fund Reforms—Legal and Compliance Considerations

During this webinar, SEC and regulatory experts Amber Allen, Fairview EVP and General Counsel, and Genna Garver, Troutman Pepper Partner, discuss legal and compliance considerations of the new Private Fund Rules.

Flash Report: Divided SEC Adopts Private Fund Adviser Reforms

An overview of the new Private Fund Adviser Reforms, including details on specific rules such as the Quarterly Statement Rule, the Private Fund Audit Rule, the Adviser-Led Secondaries Rule, the Preferential Treatment Rule, and more.

Flash Report: Private Fund Adviser Reforms Compliance Dates, Deadlines, and Grandfathering Provisions

This chart maps out each rule’s corresponding compliance dates, grandfathering provisions, and to whom it applies.

Flash Report: Private Fund Trade Groups Sue SEC Over Private Fund Reforms

An overview of the lawsuit filed in the Fifth Circuit Court of Appeals suing the SEC to block new private fund reforms.

Flash Report: Exempt Reporting Advisers and Private Fund Reforms

An overview of requirements that attach for any manager of a private fund

Flash Report: SEC Marketing FAQ: Net IRR Guidance for Private Funds

An overview of the SEC's updated Frequently Asked Questions page for the new Marketing Rule.