SEC Signals Willingness to Expand Retail Investor Access to Private Markets Strategies Through Registered Funds of Private Funds
In a speech yesterday, Dalia Blass, Director of the SEC’s Division of Investment Management, stated her view that it was important to consider ways of enhancing retail investor access to private markets strategies. Notably, she solicited industry feedback on how registered closed-end funds that are structured to invest in private funds can provide access to these types of strategies in a manner consistent with the SEC’s investor protection goals. We view Director Blass’ comments as an encouraging sign that the SEC may take more concrete steps in this area, which we and others have advocated for consistently over the past few years.