FW: Why are regulators now focusing more attention on private equity portfolio valuations?
Athanason: Increased regulation of the private equity industry is a global trend, and several factors are driving it, including the financial crisis, high profile cases against fund managers, new legislation, and limited partner complaints, amongst other reasons.
The Securities and Exchange Commission (SEC) has increased its scrutiny of the private equity industry, by growing headcount of personnel that concentrate on fund managers and are themselves industry specialists. Regulators are particularly focused on risk areas such as valuation, investor reporting, fee structures, expense calculations/allocations, and conflicts of interest. Robert Kaplan, Co-Chief of the SEC’s Asset Management Group, recently affirmed at a conference that the SEC is squarely focused on the private equity industry. “I think that private equity law enforcement is where hedge fund law enforcement was five or six years ago,” Kaplan said, according to The Wall Street Journal.
Reuters also recently quoted Carlo Di Florio, Director of SEC Office of Compliance Inspections and Examinations, who was speaking at the Private Equity Analyst Outlook Conference 2012, as commenting, “A significant percentage of new [Private Equity] registrants will face coordinated examinations focused on the highest risk areas of their business.”
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