SEC

The SEC’s staff purge only looks like relief.

With Washington’s pressure on the industry eased, fund managers at the 23rd annual Private Funds CFO New York Forum could reset their shoulders, get back to work.

The drastic cuts for the ever-embattled board still represent a climb-down for SEC Chairman Paul Atkins, regulators issue new crypto guidance and ILPA updates its continuation vehicle template.

The volume of state antitrust legislation is lower than last year (so far), but the intensity is much, much higher. Meanwhile, AIC staffs up for state lobbying, portco counsels are sweating and Keith Cassidy is no longer merely ‘acting’ exams overlord.

The SEC’s staff exodus may be a problem for managers, ILPA has problems with impact data, Vermont has problems with PE in healthcare and Brian Daly has a problem with you calling him a hippo.

The announced FAQs offer new flexibility around net portfolio reporting and testimonials from those with SRO disciplinary histories.

US regulators have shown an abiding interest in post-commitment fees, and here’s how GPs can stay above reproach.

‘Limited partners know that there are going to be fees,’ Weil, Gotshal & Manges partner Andrew Dean says. ‘The question is, are you following what the LPA says? And then, as a fiduciary, have you disclosed your conflicts of interest?’

Despite all the volatility, private funds came out ahead in 2025.

Private funds not offering real-time disclosure of promotion deals nor screening out ineligible promoters and are struggling with third-party due diligence, examiners say in fresh bulletin.