In trying to cope with the seemingly unending regulatory
onslaught of the past few years, the private funds industry has
largely reworked the Kubler-Ross stages of grief. Anger and denial
are not so much passed, but run parallel to the add-on stage of
action, where managers now appear to be abandoning all hope of
regulatory reprieve and are getting down to the gritty business of
figuring out which compliance model fits their marketing goals.
This springing into action is replacing the "wait and
see" strategy with regards to regulatory compliance that many
were adopting not so long ago. Though somewhat frustrating for
providers of services to private funds, this strategy endured for
one simple reason: until quite recently, it has been shockingly
effective. That's primarily because private fund
regulation's inexorable march forward has not been without
setbacks. Unbiased observers of that history would be remiss if
they did not advise patience when dealing with
