Regulatory Alert | June 2015

Regulatory Alert | June 2015

SEC Intensifies Scrutiny of Private Equity Real Estate Funds

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In a recent speech, Marc Wyatt, Securities and Exchange Commission (“SEC”) Acting Director of the Office of Compliance Inspections and Examinations (“OCIE”), stressed that the OCIE intends to increase its scrutiny of private equity real estate fund fee and expense disclosures and co-investment allocations. In addition to its supervisory focus on traditional private equity, the SEC’s National Examination Program began utilizing its Private Funds Unit (“PFU”) to systematically inspect certain adjacent asset classes that included a thematic review of private equity real estate advisers’ fee and expense disclosures based on the observation that real estate managers, especially those executing opportunistic and value-add strategies, tended to be much more vertically integrated than traditional private equity managers. 

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