On May 19, 2026, the SEC released two proposed rule amendments aimed at modernizing the registered offering framework and simplifying ongoing reporting obligations for public companies. The economic analysis accompanying the “Registered Offering Reform” proposal provides a detailed snapshot of the current landscape for business development companies (“BDCs”) and closed-end funds (“CEFs”), including
Leveling the Shelf: The SEC’s Proposal on Registered Offering Reform
On May 19, 2026, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) proposed extensive amendments to the registered offering framework under the Securities Act of 1933, as amended (the “Securities Act”). The SEC’s rulemaking proposal on Registered Offering Reform (the “Proposal”) has the potential to be the most significant offering reform in
ICI Proposes Subscription Data Framework for Retail Alternatives
The Investment Company Institute (ICI) released a white paper introducing a proposed subscription data framework (the “Framework”) for retail alternative investments. Developed by its Retail Alternatives Working Group, the Framework aims to standardize data formats and definitions used in subscription documents, improving interoperability across systems and supporting more efficient distribution.
The U.S. alternative investment landscape
A Guide To Permanent Capital Vehicles As Access Widens
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
BDC Facts & Stats
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
A Discussion on Private Markets & Private Credit with Carta & Mayer Brown
June 17, 2025
Mayer Brown LLP, 14th Floor, 1221 Avenue of the Americas, New York, NY 10020
Register here.
Join Carta and Mayer Brown for a discussion about the evolving landscape of private markets and the implications for retail access and regulatory reform.
Agenda
5:00 p.m. – 5:15 p.m.
Registration
5:15 p.m. –
Growth of Permanent Capital Vehicles Expected to Accelerate
In recent years, private non-bank lending to private equity-owned, small- and middle-market companies has increased significantly. According to a report from the Loan Syndications and Trading Association (LSTA) detailing data from a recent survey, the U.S. private corporate credit market now exceeds $1.5 trillion and is expected to continue to grow while incurring modest amounts
1940 Act Developments for Business Development Companies
- Structural considerations when considering the launch of a
FINRA Proposes to Exempt BDCs from its IPO Purchase Restriction Rules
On March 20, 2025, the Financial Industry Regulatory Authority (FINRA) proposed amendments to its rules imposing restrictions on the purchase and sale of equity securities offered in initial public offerings (IPOs) (Rule 5130) and new issue allocations and distributions (Rule 5131) to exempt business development companies (BDCs) from the rules’ prohibitions.
Currently, non-traded (and private)
Business Development Companies: Facts & Stats
In recent years, private non-bank lending to private equity-owned, small- and middle-market companies has significantly increased. Within this growing sector, private and non-traded business development companies (“BDCs”) have outperformed other non-bank lenders in many respects. Since 2020, assets under management by private and non-traded BDCs has increased from approximately $34 billion to approximately $118 billion