On March 27, 2026, the Securities and Exchange Commission (“SEC”) announced its intention to adjust the dollar thresholds used under the Investment Advisers Act of 1940 in determining when a registered investment adviser may charge performance‑based fees. These fees, which tie adviser compensation to investment gains, are generally prohibited except in respect of “qualified clients”
Skip the Misery: Modernize Fund Rules
On March 24, 2026, Securities and Exchange Commission Commissioner Hester Peirce spoke at the Investment Company Institute’s 2026 Investment Management Conference laying out a pragmatic path to modernize the fund regulatory framework. Her remarks emphasized that many of the industry’s longstanding pain points are well understood and, in some cases, readily fixable. Among several key
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
Upcoming SEC Investor Advisory Committee on March 12
- Public Company
SEC Staff Issues Guidance on Registered Closed-End Funds of Private Funds
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
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
The SEC Spoke: Private Fund Changes Coming
At today’s Practising Law Institute’s SEC Speaks program, Securities and Exchange Commission (“SEC”) Chair Paul Atkins shared his views on a wide range of topics. Chair Atkins touched on innovation at the SEC, FinHub and its role and, of course, crypto and the crypto markets.
Chair Atkins also spoke about financial innovation and specifically closed-end
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. –
Interval and Tender Offer Funds Expected to Benefit from Private Credit Expansion
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
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