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The Securities and Exchange Commission (“SEC”) has taken another step toward expanding retail investor access to private markets.  On August 31, 2026, the SEC submitted its planned rulemaking, Enhancing Retail Exposure to Private Markets, to the White House Office of Information and Regulatory Affairs (“OIRA”) for review.  The rulemaking would address both retail exposure…

The first half of 2026 saw a notable increase in private market activity, with investor interest increasingly concentrated in a handful of sectors.  Nasdaq Private Market’s Secondary Scene: Private Markets at the Midpoint of 2026 report provides a comprehensive review of trends, including data on issuances, secondary activity, and liquidity programs.  As has been widely…

This week, the Securities and Exchange Commission’s 2026 rulemaking agenda (the “Unified Agenda”) was made publicly available (see here).  The Unified Agenda sets out the SEC’s rulemaking priorities for the next year, with general timeframes (but these timeframes are guidelines, and should not be considered definite indicators of when rulemakings will happen).  The current…

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…

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 post is the first in that series and focuses on how a single-investment SPV is structured.

An SPV allows investors to…

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As mature private companies grow larger and more complex, a sophisticated investor relations strategy becomes essential. Clear, differentiated communications, paired with strong media visibility, can help strengthen reputational capital and even influence market valuation as companies move toward a liquidity event.…

The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee convened virtually on February 24, 2026, marking its first meeting of the year following the government shutdown that disrupted its schedule.  The Committee’s agenda included a discussion of finders, a discussion of private secondary markets, and an update from the SEC’s Office of the…

The Securities and Exchange Commission’s Division of Investment Management will host a “Private Markets Roundtable” on March 4, 2026, from 1:00 to 3:00 p.m. ET.  The roundtable will continue the dialogue regarding retail access to private markets.  As we have previously blogged, the President’s Executive Order regarding 401(k) assets requires SEC action.  In addition…

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…