The Securities and Exchange Commission’s private fund advisor rule, which went into effect in August, is driving a rift between the industry groups that represent private equity firms and those that speak on behalf of their clients.

Late in December, the Institutional Limited Partners Association, several industry groups, and 11 state pension plans, filed an amicus brief in support of the private fund advisor rule, which is being challenged by trade associations that represent private equity firms. The brief was filed in the United States Court of Appeals for the Fifth Circuit Court. READ MORE