Navigating the SEC’s New Private Fund Rules

On August 23, 2023, the US Securities and Exchange Commission (the “SEC”) adopted sweeping final rules and rule amendments (the “Final Rules”) that impose additional obligations and restrictions on advisers to “private funds.” The Final Rules will have a significant impact on the private fund landscape as newly adopted rules, like these, have historically proven to be significant fodder for the SEC’s examination and enforcement efforts. 

This white paper provides an in-depth analysis of the Final Rules for fund sponsors and investors, who face both the immediate changes of the Final Rules and second order effects over the months and years to come.