The SEC Division of Examinations (Division) – established as the Office of Compliance Inspections and Examinations (OCIE) – is approaching its 30th anniversary. During that time, it has grown from about 500 staff members across three programs to more than 1,100 staff members across five programs, noted Division leadership in a message accompanying the Division’s 2025 Examination Priorities (Priorities). Since 2013 and as part of the Division’s continuing commitment to transparency, it has published annual examination priorities, highlighting the areas it believes to present the highest risks to investors and the markets. A key focus of the Priorities is adherence by investment advisers to fiduciary standards of conduct and the effectiveness of their compliance programs. This article discusses the portions of the Priorities most relevant to private fund advisers, with commentary from Carlo di Florio, president of ACA Group and former OCIE Director, and Kristin Snyder, partner at Debevoise & Plimpton and former Deputy Director of the Division and Head of its Investment Adviser/Investment Company Program. See “Private Funds Remain Focus for SEC’s 2024 Exam Priorities” (Jan 4, 2024).