Since the 2008 financial crisis, the SEC has made repeated encroachments into the private funds industry. Registered investment advisers (RIAs) have borne the heaviest regulatory burden: routine examinations, frequent rulemaking, and aggressive enforcement activity. The harshest government gaze has always been reserved for retail-facing firms, but RIAs advising sophisticated accredited investors (e.g., private equity fund advisers) have also received a lot of attention from the Securities and Exchange Commission (SEC) over the past 15 years. READ MORE