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26 Jan 2024

GP-Led Secondaries: New SEC Rules Impact on Valuations and Conflicts of Interest

The Securities and Exchange Commission (SEC) has introduced new rules to address conflicts of interest when advisers offer investors the choice between selling or exchanging their interests in a private fund for interests in another vehicle managed by the adviser or related parties. In this piece, we explore the impacts of these new rules for investors and managers and highlight considerations for effective implementation.

Memo

04 Oct 2023

Standards Corner: Valuations

Valuations are in the spotlight with many institutional investors scrutinising practices in private markets and some financial regulators raising concerns. The SBAI Standards and Guidance address key concerns in valuations, and our Private Market Valuation Working Group continues to explore transparency and investor disclosure practices of managers in relation to their valuation processes and procedures.

Standards Corner

20 May 2020

Alternative Credit - Valuation

Alternative Credit managers frequently trade assets that require a degree of subjective judgement in the valuation process. Fair value processes for direct loans and robust credit valuation frameworks are therefore essential and this memo discusses these themes.

Memo

07 May 2019

ILS Funds - Valuation

ILS Funds typically invest in a spectrum of assets that may range from catastrophe bonds to private collateralised reinsurance structures. This memo contains detailed guidance on a robust ILS valuation framework consistent with our Alternative Investment Standards.

Memo