On April 7, 2026, the SEC’s Division of Enforcement announced its Enforcement Results for Fiscal Year 2025, several months later than usual. Overall enforcement numbers declined again, as expected, but FY 2025 was an unusual transition year. Significant filing
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Risk #10: Fiduciary Duties Revisited: Delaware Law and the Fund Manager’s Evolving Obligations
A significant shift in Delaware law is reshaping how courts evaluate conflicted transactions involving controlling stockholders, including private fund managers that control portfolio companies. The changes make applying procedural safeguards all the more important. Fund managers who ensure the proper
Risk #9: What the New SEC’s First Year Signals for the Future of Private Fund Oversight
The SEC’s first year under Chair Paul Atkins, who was sworn in on April 21, 2025, has offered significant insight into the evolution of enforcement priorities, particularly for private fund managers. Following the more aggressive posture under former Chair Gary
Risk #8: Opening the Gates: Retail Access to Private Funds and the Coming Regulatory Pressure Points
For decades, private fund strategies were the domain of institutional investors and the ultra-wealthy. That exclusivity is ending as private strategies migrate into retail vehicles designed to hold illiquid assets within a retail regulatory framework.
Risk #7: Crypto’s Second Act: A Rational Framework or a Regulatory Mirage?
Many in the crypto space greeted the second Trump Administration with excitement. The first Trump Administration was crypto-friendly, but did not wholly overturn the existing securities framework for crypto assets. The Biden Administration was more skeptical of crypto, with then-
Risk #6: Valuation Under Pressure: Market Stress and the Enforcement Lens
Markets have recently been experiencing heightened volatility and credit availability has tightened, which has placed valuation practices under unusual pressure from regulators and investors. The events of the past several years, including rising interest rates, geopolitical turmoil and the impacts
Risk #5: Private Litigation Risk for GP-Led Secondary Transactions
GP-led secondary transactions continued to soar in popularity in 2025. With mixed economic indicators potentially impeding other kinds of private equity exit events, the uptick in continuation funds shows no signs of slowing down in 2026. Their popularity should
Risk #4: Five Guidelines for ESG Disclosures in 2026: Choose Your Words Carefully
Choose your words carefully because careless words cost.
Never has this been more true than in disclosures about environmental, social and governance matters. As divergence between the US federal government and “red states” on the one hand, and the UK,
Risk #3: Five Considerations for Advisers Implementing AI in Investment Decisions
Use of technology referred to as “artificial intelligence” is fast finding its way into many aspects of commercial life. Registered investment advisers are no exception as AI tools are already being used for screening and research, portfolio construction, trading and
Risk #2: AI Infrastructure Investing: Structuring, Disclosure and Contract Risks for Private Funds
As has been widely reported, digital infrastructure has become one of the fastest growing investment structures in recent years, most recently driven by the explosion in demand from firms in the artificial intelligence (AI) industry. This in turn has led