Business development companies (“BDCs”) continue to be an important source of capital for private equity-owned, small- and middle-market companies and an attractive investment vehicle for investors seeking exposure to private credit. As the BDC market has grown, sponsors and investors have increasingly focused on alternative BDC structures, capital raising, leverage, advisory arrangements and other key
The Securities and Exchange Commission (“SEC”) announced an open meeting to be held on September 30, 2026. The SEC will consider several matters relating to investment advisers, closed-end funds and business development companies and accredited investors.
The SEC will first consider whether to propose amendments to the rule under the Investment Advisers Act of 1940
Given the continued and growing interest in special purpose vehicles (“SPVs”) as a means of accessing private market investments, we are publishing a series of posts that examine different aspects of these structures. This is our second post in the series exploring how a single-investment SPV can be structured to obtain the economic exposure investors
The Staff of the SEC’s Division of Investment Management issued a no-action letter on April 27, 2026 to J.P. Morgan Investment Management, Inc. (“JPMIM”) addressing the application of an existing co-investment exemptive order to certain open-end funds and the operation of the “Required Majority” condition. JPMIM requested assurance that open-end funds advised or sub-advised by
On March 30, 2026, 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 specified collective trust funds (CTFs) from the rules’ prohibitions.
CTFs (also known
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
Asset management vehicles, especially those regulated under the Investment Company Act of 1940 (the 1940 Act), are frequently painted with a broad brush and described as having the same or virtually indistinguishable characteristics. For a long while, many fund vehicles, like interval funds and tender offer funds, were not popular, barely attracting any attention from
On November 20, 2025, Securities and Exchange Commission (“SEC”) Commissioner Mark Uyeda delivered remarks at the ICI Retail Alternatives and Closed-End Funds Conference outlining what he characterized as a “diversification deficit” within today’s 401(k) system. The Commissioner asserted that most retirement savers lack access to private market investments that might improve their long-term outcomes. He
On September 11, 2025, the Securities and Exchange Commission’s (“SEC”) Investor Advisory Committee (“IAC’) released a draft report titled Retail Investor Access to Private Market Assets. The report adds to the growing policy momentum favoring reform of the eligibility criteria for investors in private offerings and reform of the regulatory framework applicable to pooled
On August 7, 2025, the White House issued an executive order intended to expand access to alternative assets through retirement plan vehicles. The initiative reflects a broader regulatory shift toward facilitating retail investor participation in private markets.
The executive order directs the Secretary of Labor to reexamine and clarify existing Department of Labor guidance concerning