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ARTICLE · 09 JULY 2025

Private Funds Radar - July 2025

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The private funds radar is our regular roundup of developments from around the world for private fund stakeholders.

GlobalFinance and Banking
Peter Chapman
Peter Chapman
Chris Daniel
Chris Daniel
Christopher Good
Christopher Good
Harriet Miller
Harriet Miller
Stephen Robinson
Stephen Robinson
Stephen Ross
Stephen Ross

The private funds radar is our regular roundup of developments from around the world for private fund stakeholders.

US

SEC guidance on Regulation D opens up a potential new fundraising route for private funds

The SEC has issued guidance, via a "no action letter", that may open up a new route for private fund sponsors to raise capital in the US.

Typically, sponsors raising US capital do so in reliance on Rule 506(b) of Regulation D under the Securities Act of 1933. This rule prohibits any "general solicitation or general advertising", meaning sponsors must be extremely careful about making any public comments relating to the fundraising.

An alternative rule – Rule 506(c) – does permit general solicitation and general advertising, but requires sponsors to take reasonable steps to verify that any investors who invest are "accredited investors". However, uncertainty as to what would be considered "reasonable steps" for these purposes resulted in sponsors

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