SEC Adopts Enhanced Reporting Requirements For Private Funds

On May 3, 2023, the U.S. Securities and Exchange Commission (SEC) approved amendments to Form PF (the Form PF Reporting Amendments), the confidential reporting form required to be filed by certain investment advisers to private funds that are registered or are required to be registered with the SEC. The amendments dramatically modify and expand the reporting requirements for private equity fund advisers and large hedge fund advisers. The stated goals of these amendments are to enhance the ability of the Financial Stability Oversight Council to assess systemic risk and to bolster the SEC's oversight of private fund advisers and its investor protection efforts, which concerns are only heightened after the recent unforeseen failures of certain banks and a series of large fund failures in recent years.