On September 30, 2026, the Securities and Exchange Commission (the “SEC”) issued two proposing releases containing amendments that would materially affect how business development companies (“BDCs”) that have elected to be regulated under the Investment Company Act of 1940, interval funds and other registered funds are structured, as well as their compensation and distribution models.
The SPV Series: Practical and Structuring Considerations for Multi-Layer SPVs
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 third post in the series, exploring structuring and regulatory issues that arise when SPVs are formed to invest in
SEC Proposes Amendments That Address Retailization and Modernize Regulated Funds
On September 30, 2026, the Securities and Exchange Commission (the “SEC”) proposed amendments intended to provide additional flexibility for regulated funds and their investment advisers. The proposals address performance-based compensation, interval fund repurchase requirements and multiple share classes for registered closed-end funds and business development companies (“BDCs”). The SEC also separately requested comment on potential
BDC Facts & Stats 2026
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
SEC to Hold Open Meeting on September 30 Addressing Retailization Issues
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
The SPV Series: Gaining Exposure Through Single-Investment SPVs
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
Co-Investment Relief for Open-End Funds
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
FINRA Proposes to Exempt CTFs from its IPO Purchase Restriction Rules
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
Upcoming SEC Small Business Advisory Committee Meeting
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
Understanding the Spectrum of Permanent Capital Vehicles
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