Hema Gharia

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On August 15, 2025, the Staff of the Division of Investment Management (the “Staff”) of the Securities and Exchange Commission (the “SEC”) issued guidance in the form of new Accounting and Disclosure Information (“ADI”), “ADI 2025-16 – Registered Closed-End Funds of Private Funds.”  In the past, Staff comments often prompted closed-end funds that…

Permanent capital vehicles are growing increasingly popular as a means of providing long-term exposure to illiquid assets such as private equity and private credit assets. Recent and anticipated regulatory reforms and evolving market trends have the potential to expand access to private markets and alternative assets, particularly for retail investors who previously were foreclosed from…

In recent years, non-bank lending to private equity-owned, small- and middle-market companies has increased significantly. Within this growing sector, private and non-traded BDCs have outperformed other non-bank lenders in many respects. Private and non-traded BDCs have demonstrated notable advantages in terms of portfolio return and quality and investor alignment, and they often benefit from less…

An important trend discussed at the 2025 Milken Institute Global Conference was the integration of private credit into retail investor portfolios.  Assuming certain regulatory challenges can be overcome, this development would expand offering opportunities for retail investors.  Speakers highlighted the rapid expansion of the private credit market, which is projected to grow to $2.3 trillion…

The insurtech industry experienced some challenges in 2024, with notable shifts in funding, deal activity, and strategic investments, according to CB Insights’ State of Insurtech 2024 report.  The report highlights a number of key trends shaping the industry.

Insurtech deals and funding hit lows.  In 2024, deal volume continued to decline globally, from 500…