Preparing for Private Fund Quarterly Reporting

In August 2023, the SEC adopted five new rules (Rules) for advisers to private funds, which, among other things, mandate quarterly fee, expense and performance reporting to investors (quarterly statements). The Rules “materially increase the compliance burden for private fund advisers and represent a dramatic shift in the relationship between investors and advisers,” said K&L Gates partner TJ Bright at a recent CFA Institute program devoted to the quarterly statement requirement. The program examined which funds are covered by the Quarterly Statement Rule, its detailed reporting requirements and the practical issues advisers will face when preparing quarterly statements. Krista Harvey, director at the CFA Institute, moderated the program, which also featured K&L Gates partner Pamela A. Grossetti and Karyn D. Vincent, senior head at the CFA Institute. See our two-part coverage of the Rules: “Overview and Key Changes From the Proposal” (Sep. 28, 2023); and “Key Compliance Challenges and Next Steps” (Oct. 12, 2023).

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