Good morning, Hubsters. MK Flynn here on the Wire.
If you’re finding the SEC’s proposed requirements for additional transparency from private fund managers a bit daunting, you’re not alone.
Be prepared. A new survey from EisnerAmper, which incorporated feedback from 235 financial services executives on the impact of private fund regulations, revealed a lack of preparation for potential new rules.
To learn more, I reached out to Anthony Minnefor, partner-in-charge of the accounting firm’s national private equity services group.
Minnefor advised: “Private equity firms not only have to track and evaluate multiple SEC proposals but also build the infrastructure and internal team to comply with the rules once they’re enacted. It is critical for firms to engage in a dialogue with key advisers and service providers now so that they’re prepared to kick off an implementation plan in response to finalized regulations.”
Shareholder of record. For ongoing analysis on the SEC’s moves, read our affiliate publication, Regulatory Compliance Watch. Bill Myers’ story from earlier this week reveals that SEC chairman Gary Gensler is pushing Commission staff to come up with new rule proposals that would change the definitions of accredited investors and shareholder of record.
Secondaries. HarbourVest Partners is among a group of lead investors on Roark Capital’s multi-asset secondary that will move several portfolio investments into a new vehicle for more time to manage them, sources told Buyouts’ Chris Witkowsky.
HarbourVest is said to be a lead, along with AlpInvest Partners and two other investors. Spokespeople for HarbourVest and Roark declined to comment, while no one from AlpInvest responded to a comment request this week.
For more, read Chris’ story.
Programming notes: Tomorrow, Craig McGlashan, editor of PE Hub’s expanding coverage in Europe, will make his debut writing the Wire! Tune in for Craig’s perspective on PE deals across the pond.
On Friday, reporter Aaron Weitzman will file his weekly column. On Monday, the Wire will pause to observe Independence Day in the US. And on Tuesday, I’ll be back at the helm.
Until then, happy dealmaking,
MK
Read thefull wire commentary on PE Hub …
