Regulations

Regulatory innovation is key to stakeholders remaining relevant, say Elliot Refson, head of funds, and Philip Pirecki, Americas lead, Jersey Finance.

The SEC private fund rules will provide a regulatory framework around GP-led secondaries, ultimately supporting their continued growth, say Tim Toska and Emily Ergang Pappas of Alter Domus.

As its popularity continues to grow, the secondaries market is seeing increased levels of innovation, competition and regulatory scrutiny, say Gibson Dunn’s Shukie Grossman, Sean McFarlane and Kate Timmerman.

Much of the debate boils down to the balancing act of more transparency across private funds versus increased expenses that will result from new requirements and their potential ramifications.

The agency said Monroe Capital failed to tell its LPACs about conflicts of interest with three connected SPACs.

Proposed reforms in the US aim to make an independent fairness opinion a requirement in GP-led deals.

The regulator turned its attention to secondaries processes last year as part of a wider set of proposals designed to enhance disclosures in private markets.