The Securities and Exchange Commission recently announced that its Small Business Capital Formation Advisory Committee will host a public meeting on February 24, 2026.  The meeting will focus on potential regulatory improvements relating to “finders” who help companies raise capital in private transactions from accredited investors.  The Committee first began to consider possible guidance relating to “finders” at its July 22, 2025 meeting at which it deliberated on potential enhancements to the framework governing “finders” engaged in capital raising activities.

The Committee will also provide an overview of the Office of the Advocate for Small Business Capital Formation’s 2025 Staff Report, which reviews the state of capital raising activity for both small and emerging businesses as well as mature and later-stage businesses.  For additional discussion concerning the analyses in the Report and the trends discussed there, see our posts on the Report from January 13, 2026 and January 14, 2026.

Finally, the Committee will hear from experts and industry participants relating to the private secondary market as slower public markets have led investors to look to private transactions for liquidity.  For example, continuation funds and special purpose vehicles are increasingly as a means of providing liquidity for investors who seek to exit existing private investments.  In 2025, the private equity secondary market reached a record of more than $200 billion in transaction volume, with LP-led deals as the primary driver and GP-led activity, particularly continuation funds, close behind.  This portion of the discussion also will take up consideration of private company-sponsored tender offers and other company-sponsored liquidity programs.  Many private companies now offer their friends and family, angel investors, and especially employees opportunities to participate in organized company-sponsored liquidity programs.  Activity in these programs has remained high with participants like Nasdaq Private Markets reporting volumes of $12 billion through the third quarter of 2025 in structured liquidity programs.

For more information on the upcoming meeting, see the detailed agenda.