The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021.
At the time it was proposed, SEC Chair Gary Gensler said the changes would benefit investors in such funds, typically wealthy individuals and institutional investors like pension funds, and companies raising capital from them.
"Private fund advisers, through the funds they manage, touch so much of our economy.
Private funds reported holding $20.4 trillion in gross assets by the end of 2022, versus $8 trillion about a decade earlier, according to data available on the SEC's website.
"We don't see that the SEC is solving anything with this," said Jack Inglis, CEO of the Alternative Investment Management Association.
Persons:
Andrew Kelly, Gary Gensler, Sherrod Brown, Elizabeth Warren, Jennifer Han, Jack Inglis, Chris Prentice, Douglas Gillison, Michelle Price, Nick Zieminski
Organizations:
U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Exchange, Fund, SEC, Democratic, Industry, Citadel LLC, Association, Alternative Investment Management Association, Carolina, Thomson
Locations:
Washington ,, New York, Washington