At our gathering of private debt professionals from the US and elsewhere, participants had a sense of resilience and opportunity – while also acknowledging that tough times may lie ahead.
To some, the rules are simply a means of ensuring private fund managers apply the same principles as other asset managers. To others, they demand a strong defensive response.
After a year-and-a-half of deliberations, the SEC has approved new regulations for private funds, but the end result is seen as less harsh than the original proposal.