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
SEC’s Uyeda Urges Modernization of 401(k) Investment Options
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
SEC Committee Signals Support for Expanded Retail Access to Private Markets
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
White House Issues Executive Order Broadening Access to Permanent Capital Vehicles
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
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
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