An Update on ILPA’s SEC Engagement

Washington, D.C. (November 4, 2022) – Over the last several months, ILPA has steadily engaged with our members and other industry participants on the SEC’s proposed Private Fund Advisers (PFA) rule and its impact on LPs.

Direct engagement with the SEC. Beginning this spring and across the summer and fall, we have engaged directly with the SEC — including meetings with the Rulemaking and Economic Analysis staff as well as Chair Gensler — to clarify aspects of ILPA’s positions.

Additional data collection and guidance. Through a targeted survey and small group discussions, we’re gathering additional information from members on topics such as negotiations and bargaining dynamics, shifts in fund terms over time, transparency of fees and expenses and much more.

Sharing our insights. By year’s end, we’ll provide this additional data and insight to the SEC to be considered ahead of the final rulemaking next year. And, we’ll make this valuable information available to ILPA members and the broader industry as a resource, to educate and inform on how regulation can better meet LP needs.

If you haven’t been following the PFA conversation closely, here are the basics on the rule you need to track and where ILPA is focusing its efforts on behalf of LPs:

MORE: ILPA’s efforts on the SEC’s proposed Private Fund Advisers rule

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