Decoding regulatory shifts in private equity

The SEC adopted the most sweeping new rules for the private fund industry since Dodd-Frank this year.

The Private Fund Compliance Regulatory Forum will drill down into the changes, including the private fund adviser rules, to make sure you fully understand what’s coming and how to better position your firm.

You’ll hear directly from the SEC to keep you up to date on what’s coming from them, prepared for potential exams, and ahead of all enforcement actions.

With a rich 10+ year history of breaking critical information impacting our industry, private fund compliance professionals make this the must attend event of the year.

 

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Why the Private Fund Compliance Regulatory Forum?

Protect

Protect your firm and investors from SEC enforcement and hear of new actions.

Perfect

Benchmark your firms current compliance processes against others to give you new best practices.

Prepare

Keep yourself up to date on the latest SEC regulations, expectations, and initiatives.

Hear directly from the SEC on what's to come

SEC enforcement: insights from the front line

Andrew Dean, Co-Chief – Asset Management Unit – Division of Enforcement, U.S. Securities and Exchange Commission will discuss:

  • What you need to know regarding recent SEC enforcement actions
  • Self-reporting practices and enforcement cooperation program & remediation
  • How to avoid a referral to the Division of Enforcement after receiving a deficiency letter
SEC exams: proactive preparation

 

Join Daniel Faigus, Senior Specialized Examiner – Private Fund, U.S. Securities and Exchange Commission to:

  • Cover the newly released 2024 exam priorities
  • Discover how you can be proactive with your exam preparations through real-world success stories
  • Discuss current risk alerts

“One of my go-to events each year due to the timely program content and excellent panelists.”

Liz Staley, Leerink Capital Partners

“The best part is hearing directly from SEC staff on the very granular matters that impact our day to day.”

Daniel Gewanter, Kohlberg & Co

Featured speakers

View all speakers
View all speakers

2023 attendees included:

ACON Investments
Adams Street Partners
Advent International
Agile Legal
American Family Ventures
American Realty Advisors
Arcline Investment Management
Argand
Aztec Group
Bain Capital Investors
BBAM
Bow River Asset Management
Brightstar Capital Partners
Brookfield
CapitalSouth Partners
Carbon Direct Capital Management
Digital Colony Management
Ethos Capital
FFL Partners
Franklin Park Associates
Fundamental Advisors
General Atlantic
GI Partners
Greylion Capital
HarbourVest Partners
Insight Partners
JMI Management
Kainos Capital
KKR
Kohlberg & Company
Leonard Green & Partners
Levine Leichtman Capital Partners
Lindsay Goldberg
LS Power Development
LW
Marlin Equity Partners
Massachusetts Pension Reserves Investment Management Board
Mission BioCapital
NovaQuest Capital Management
Old Ironsides Energy
Paine Schwartz Partners
Parthenon Capital
Providence Equity Partners
PSG Equity
Revelation Partners
Ridgemont Equity Partners
Roark Capital
Rockbridge Capital
SEC
Siris Capital Group
Sorenson Capital
Southeast Asset Advisors
Star Mountain Capital
Stepstone Conversus
Tailwater Capital
The Vistria Group
Thomas H. Lee Partners
TPG Capital
Trilantic North America
TSG Consumer Partners
TZP Group
US Equity Advisors
UTIMCO
VSS Fund Management
Wellington Management
Whitehorse Liquidity Partners
Wind Point Partners

What our attendees say about the Forum

Sun Capital Partners

Alexandra Maisel

Great networking opportunities, interesting topics, and fabulous guest speakers.

Kohlberg & Co.

Daniel Gewanter

Enjoyed the SEC perspective and perspective of real CCOs from peers

Omega Funds

Mark Russell

Excellent event, with all topics being highly relevant

Keeping you on top of what’s to come

The forum has established a reputation for keeping its attendees on top of emerging trends and challenges. Through engaging panels, interactive think tanks, working groups, and keynote discussions you’ll cover:

  • What to look out for in SEC exams
  • SEC enforcement actions
  • Implications of the new restricted activities rule
  • The future of side letters and most favored nation provisions
  • Cybersecurity reporting rules

Download the agenda

2024 agenda

Day 1 Day 2
View agenda page

Agenda

Day 1 - Wednesday 22nd

Welcome
08:30 - 09:30

Registration & breakfast

09:30 - 09:40

Chair's opening remarks

Kelly Pettit

Chair:
Kelly Pettit, Chief Compliance Officer and Associate General Counsel, General Atlantic

A speaker photo for Kelly Pettit

Kelly Pettit

Managing Director, Chief Compliance Officer, Associate General Counsel, General Atlantic

Read bio
Plenary sessions
09:45 - 10:30

SEC Keynote

10:30 - 11:20

New private fund rules: macro level impacts to the industry

Jason Scoffield, Bruce Karpati, Jackie Jacobs
  • Will more transparency increase competition or lead to consolidation of the industry?
  • Will private market capital become more expensive?
  • What’s the impact on barriers to entry into the market?
  • What are the expected impacts on fundraising?
  • What are firms anticipating in terms of increased compliance costs?

Moderator:
Miles Chan, VP/GM, Insight, Ontra

Panelists:
Jason Scoffield, Chief Compliance Officer, Audax Group
Bruce Karpati, Partner, Global Chief Compliance Officer, KKR
Jacqueline Jacobs, Chief Compliance Officer, VSS Capital Partners

A speaker photo for Jason  Scoffield

Jason Scoffield

Chief Compliance Officer, Audax Management Company

Read bio
A speaker photo for Bruce Karpati

Bruce Karpati

Global Chief Compliance Officer, KKR

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A speaker photo for Jackie Jacobs

Jackie Jacobs

Chief Compliance Officer & Director of Operations, VSS Capital Partners

Read bio
Networking break
11:20 - 11:45

Networking coffee break

Breakout sessions
11:45 - 12:35

Track A: Preferential treatment: the future of side letters, most-favored-nations provisions, and more

Nicole Krea, Nadir Nurmohamed, Marc Miele, John Jacobs
  • How do you pragmatically plan for the implications of the changes to “most favored nation” rights, co-investment, information, advisory board rights, and other investor-specific arrangements?
  • What is the industry’s position on how they are going to interpret these rules?
    • What terms will or will not have material negative impacts on other investors?
  • How are fund managers and LPs re-negotiating terms?
  • Will side letters effectively be cast aside in favor of decisions to amend (or not amend) the LPA for all?
  • What are the impacts on future fundraises? Timing of closes?
  • Will investors be allowed to exit a fund early therefore diluting the value of remaining investors’ interest in the fund?

Moderator:
Nicole Krea, Partner, Ropes & Gray LLP

Panelists:
Nadir Nurmohamed, Partner & General Counsel, Searchlight Capital Partners
Marc Miele, Head of Fund Operations and Chief Compliance Officer, American Family Ventures
John Jacobs, Managing Director, Head of Compliance and Deputy General Counsel, Gryphon Investors

A speaker photo for Nicole Krea

Nicole Krea

Partner, Ropes & Gray LLP

Read bio
A speaker photo for Nadir Nurmohamed

Nadir Nurmohamed

Partner & General Counsel, Searchlight Capital

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A speaker photo for Marc Miele

Marc Miele

Head of Fund Operations and CCO, American Family Ventures

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A speaker photo for John Jacobs

John Jacobs

Managing Director, Chief Compliance Officer and Deputy General Counsel, Gryphon Investors

Read bio
11:45 - 12:35

Track B: Enhancing transparency and confronting conflicts: practical implications of the new restricted activities rule

Tom Pierce, Sean Murphy, Joel Wattenbarger
  • How do you determine what is “fair and equitable” in charging portfolio-level fees or expenses on a non–pro-rata basis
  • How are you going to handle disclosure obligations for advisers and consent requirements?
  • What are the implications for tax structuring and compliance matters for private funds?

Panelists:
Tom Pierce, Partner/CFO/CCO, Sorenson Capital
Sean Murphy, Senior Vice President & Chief Compliance Officer, EIG Global Energy Partners
Joel Wattenbarger, Partner, Ropes & Gray LLP

A speaker photo for Tom Pierce

Tom Pierce

Partner, Chief Financial Officer, Chief Compliance Officer, Sorenson Capital

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A speaker photo for Sean Murphy

Sean Murphy

SVP - Chief Compliance Officer and Senior Counsel, EIG Global Energy Partners

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A speaker photo for Joel Wattenbarger

Joel Wattenbarger

Partner, Ropes & Gray LLP

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12:40 - 13:30

Track A: Quarterly statements: templates and tips for fulfilling these new obligations

Devin Holden, Adam Childers, Kabir Masson
  • Challenges to overcome and actionable steps for compliance with the new requirements
    • Rebuilding accounting systems
      • Changing from single line items to broken down into several line items across numerous entities
      • Where is there potential for error and what are the implications from a risk management perspective?
    • Challenges around gathering data
      • Going from 90 days after the end of each fiscal year and 45 days after every other quarter end
      • Working with deal teams to get valuation data on a regular basis
  • Quarterly statement template reviews
  • Operating costs for small to mid-sized advisers vs large advisors
  • Marketing rule considerations with providing quarterly statements to prospective investors

Panelists:
Devin Holden, CCO, NovaQuest
Adam Childers, Chief Financial Officer & Chief Compliance Officer, Quad-C Management, Inc.
Kabir Masson, Partner, General Counsel, Quiet Capital

A speaker photo for Devin Holden

Devin Holden

Compliance Director, NovaQuest Capital Management

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A speaker photo for Adam Childers

Adam Childers

Chief Financial Officer & Chief Compliance Officer, Quad-C Management, Inc.

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A speaker photo for Kabir Masson

Kabir Masson

Partner, General Counsel, Quiet Capital

Read bio
12:40 - 13:30

Track B: New cybersecurity reporting rules: complying with the new requirements

Eric Feldman
  • How do you determine what is material?
  • What protocols do you have in place to ensure you’re able to meet the 48-hour deadline?
    • How are incidents escalated? What are your policies for drafting notifications and obtaining the necessary approvals?
  • How do you test your cybersecurity policies and procedures?
  • How do you extend your cyber policies, procedures, and practices throughout your portfolio? What about third-party vendors?

Speaker:
Eric Feldman, Chief Information Officer, The
Riverside Company

Eric Feldman

Eric Feldman

Chief Information Officer, The Riverside Company

Read bio
Networking luncheon
13:30 - 14:30

Networking luncheon

Plenary sessions
14:30 - 15:20

Technology & outsourcing: keeping up with regulatory demands by optimizing the performance, reliability, and scalability of your firm's compliance operations

Haris Vrahliotis, Shauna Harrison, Ross Goffi
  • How are you relying on technology to implement, monitor and track all aspects of your compliance program?
  • Data services
    • Data collection for transparency, reporting and more
  • Employee compliance management
    • Electronic communications surveillance solutions
    • Gift and entertainment disclosures
    • Political contributions
  • Technologies to address code of ethics, marketing reviews, etc.
  • Outsourcing of various compliance functions
    • Where it works and where it doesn’t
    • Disclosing and substantiating contractor fees
  • Conducting adequate due diligence on outside services

Panelists:
Haris Vrahliotis, Compliance Director, TowerBrook Capital Partners
Shauna Harrison, Executive Director, Compliance, GCM Grosvenor
Ross Goffi, Chief Compliance Officer, ParkerGale
Nicole Del Rosario, Consultant, COMPLY

A speaker photo for Haris Vrahliotis

Haris Vrahliotis

Compliance Director, TowerBrook Capital Partners

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A speaker photo for Shauna Harrison

Shauna Harrison

Executive Director, Legal and Compliance, GCM Grosvenor

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A speaker photo for Ross Goffi

Ross Goffi

Chief Compliance Officer, ParkerGale

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15:20 - 16:10

The big picture: LPs discuss the new rules and how they will shape the future

  • What do LPs like about the new rules and what don’t they like
    • What do LPs think about the current information asymmetry that exists between
      private fund advisers and investors?
  • How do LPs feel about the new side letter rules?
  • What do LPs think about the new challenges the rules create for private funds?
  • How is the ILPA working to make sure the new rules maximize the benefits to all
    constituents and helping to mitigate risks and unintended consequences?
  • Do LPs feel like they will be the ones ultimately paying for the increased compliance costs?
  • What is the ILPA working on in terms of other initiatives related to transparency and
    reporting?
Networking coffee break
16:10 - 16:40

Networking coffee break

Think Tank Sessions
16:40 - 17:30

Think Tank A – Small firm/small compliance team wrap up

Rosemary Bradley, Marie Milligan

Designed to facilitate candid discussion, think tanks are closed-door sessions for GPs only. Discussions will be facilitator led and will cover top of mind issues and challenges impacting private fund compliance teams today. These sessions will be broken out by firm/team size giving participants the opportunity to exchange best practices with firms/teams of similar size.

As a smaller firm/team where will you struggle to adapt the most?

Areas of concern related to –

  • Increased compliance costs
  • Outsourcing vs insourcing
  • LP relations and fundraising
  • Marketing rules
  • Compliant communications
  • Fees & expenses

Facilitators:
Rosemary Bradley, General Counsel, Shamrock Capital Advisors
Marie Milligan, Chief Compliance Officer, WaterEquity

A speaker photo for Rosemary Bradley

Rosemary Bradley

General Counsel, Shamrock Capital Advisors

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A speaker photo for Marie Milligan

Marie Milligan

Chief Compliance Officer, WaterEquity

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16:40 - 17:30

Think Tank B – Large firm/large compliance team wrap up

Designed to facilitate candid discussion, think tanks are closed-door sessions for GPs only. Discussions will be facilitator led and will cover top of mind issues and challenges impacting private fund compliance teams today. These sessions will be broken out by firm/team size giving participants the opportunity to exchange best practices with firms/teams of similar size.

As a larger firm/team, where will you struggle to adapt the most?

Areas of concern related to –

  • Having multiple strategies
  • Managing multiples funds
  • Regulator/LP expectations for greater compliance spend
  • Marketing rules
  • Compliant communications

Fees & expenses

Networking reception
17:30 - 18:30

Cocktail reception and end of day one

Agenda

Day 2 - Thursday 23rd

Breakfast
08:00 - 09:00

Breakfast

08:00 - 09:00

Woman’s Breakfast

Hosted by:

Think Tank Sessions
09:00 - 09:45

CCOs Think Tank

Jacqueline Giammarco, James Gaven

Designed to facilitate candid discussion, think tanks are closed-door sessions for GPs only. Discussions will be facilitator led and will cover top of mind issues and challenges impacting private fund compliance teams today. Delegates have the opportunity to submit topics for discussion prior to the event.

Panelists:
James Gaven, General Counsel & Chief Compliance Officer, SK Capital Partners
Jacqueline Giammarco, Managing Director & Chief Compliance Officer, Stone Point Capital

A speaker photo for Jacqueline Giammarco

Jacqueline Giammarco

Managing Director & Chief Compliance Officer, Stone Point Capital

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A speaker photo for James Gaven

James Gaven

General Counsel & Chief Compliance Officer, SK Capital Partners

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09:00 - 09:45

Senior Compliance Professionals Think Tank

Lisa Costello

Designed to facilitate candid discussion, think tanks are closed-door sessions for GPs only. Discussions will be facilitator led and will cover top of mind issues and challenges impacting private fund compliance teams today. Delegates have the opportunity to submit topics for discussion prior to the event.

 

Facilitator:
Lisa Costello, Managing Director, Chief Administrative Officer & Chief Compliance Officer, HCI Equity Partners

A speaker photo for Lisa Costello

Lisa Costello

CFO, HCI Equity Partners

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Welcome
09:55 - 10:00

Chair’s opening remarks

Keynote Fireside Chat
10:00 - 10:50

SEC exams: proactive preparation

Dan Faigus
  • Review of newly released 2024 exam priorities
  • Expectations from start to finish of the exam process, is there anything new?
  • How can firms be proactive with their preparations?
    • Specific examples of what other firms have done well
  • Current risk alerts and proactive preparation
  • What items are most commonly referred to enforcement?
  • How the exams division handles referrals to enforcement and what coordination with enforcement looks like
  • Issues relating to changes with Form PF
  • Key takeaways from recent sweeps – marketing rule

Speaker:
Daniel Faigus, Senior Specialized Examiner – Private Funds, U.S. Securities and Exchange Commission

A speaker photo for Dan Faigus

Dan Faigus

Senior Specialized Examiner, Private Funds, U.S. Securities and Exchange Commission

Read bio
10:50 - 11:40

SEC enforcement: insights from the front line

Andrew Dean
  • Insight into the heightened prosecutorial emphasis on private funds
    • Are more examinations resulting in enforcement investigations than in the past?
  • What you need to know regarding recent SEC enforcement actions
  • Self-reporting, cooperation, & remediation
  • Avoiding a referral to the Division of Enforcement after receiving a deficiency letter
    • What does “meaningful cooperation” look like?
  • CCO liability in compliance failures

Speaker:
Andrew Dean, Co-Chief – Asset Management Unit – Division of Enforcement, U.S. Securities and Exchange Commission

A speaker photo for Andrew Dean

Andrew Dean

Co-Chief Asset Management Unit, Division of Enforcement, U.S. Securities and Exchange Commission

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Networking break
11:40 - 12:05

Networking break

Breakout Panels with Peer-to-Peer Workshops
12:10 - 13:25

Panel & Workshop A: What's next: upcoming rules to be aware of

Abrielle Rosenthal

These sessions will be more interactive than a traditional breakout panel discussion. The sessions start with a 25-minute panel discussion and will be followed by a 40-minute interactive peer-to-peer workshop. At the end of the workshop, group leaders will come back to the panel table to present key takeaways from each small group.

What’s next: upcoming rules to be aware of

  • Predictive data analytics
  • Form PF
  • Safeguarding
  • Outsourcing
  • ESG
  • SEC’s new guidance on marketing rules

Panelists:
Abrielle Rosenthal, Managing Director, TowerBrook Capital Partners
Steven Spencer, Partner and Chief Legal Officer, Siris Capital
Teresa Bernstein, Chief Operating Officer, General Counsel and CCO, ACON Investments 

A speaker photo for Abrielle Rosenthal

Abrielle Rosenthal

Managing Director, TowerBrook Capital Partners

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12:10 - 13:25

Panel & Workshop B: Exam preparedness: best practices and tips for before, during and after an SEC exam

Ashleigh Brogan, Michele Reing, Mary Anne Capo

These sessions will be more interactive than a traditional breakout panel discussion. The sessions start with a 25-minute panel discussion and will be followed by a 40-minute interactive peer-to-peer workshop. At the end of the workshop, group leaders will come back to the panel table to present key takeaways from each small group.

  • How to ensure you’re prepared for examination. Focus areas include:
    • required records versus records that facilitate an SEC exam
    • marketing practices
    • conflicts of interest
    • operational resiliency
    • emerging financial technology
  • Tips for success throughout the examination
  • Exit interviews with examiners
  • Remediating any issues identified and ensuring that improvements are put into practice

Panelists:
Ashleigh Brogan, Chief Compliance Officer, Declaration Partners
Michele Reing, CFO, COO and CCO, LongRange Capital
Mary Anne Capo, Chief Financial Officer & Chief Compliance Officer, Capstreet

A speaker photo for Ashleigh  Brogan

Ashleigh Brogan

Chief Compliance Officer, Declaration Partners LP

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A speaker photo for Michele Reing

Michele Reing

Chief Financial Officer, Chief Operating Officer & Chief Compliance Officer, LongRange Capital

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A speaker photo for Mary Anne Capo

Mary Anne Capo

CFO & CCO, CapStreet Group

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Networking lunch
13:30 - 14:30

Luncheon and end of conference

Lead the discussion in 2024

Firms leading the discussion in 2024:

  • Audax Management Company
  • General Atlantic
  • KKR
  • LongRange Capital
  • And more…

Have a topic you would like to discuss at this year’s forum? Contact Kellie Green at kellie.g@pei.group to discuss speaking opportunities.

Rosemary Bradley

General Counsel, Shamrock Capital Advisors

Ashleigh Brogan

Chief Compliance Officer, Declaration Partners LP

Mary Anne Capo

CFO & CCO, CapStreet Group

Adam Childers

Chief Financial Officer & Chief Compliance Officer, Quad-C Management, Inc.

Lisa Costello

CFO, HCI Equity Partners

Andrew Dean

Co-Chief Asset Management Unit, Division of Enforcement, U.S. Securities and Exchange Commission

Dan Faigus

Senior Specialized Examiner, Private Funds, U.S. Securities and Exchange Commission

Eric Feldman

Eric Feldman

Chief Information Officer, The Riverside Company

James Gaven

General Counsel & Chief Compliance Officer, SK Capital Partners

Jacqueline Giammarco

Managing Director & Chief Compliance Officer, Stone Point Capital

Ross Goffi

Chief Compliance Officer, ParkerGale

Shauna Harrison

Executive Director, Legal and Compliance, GCM Grosvenor

Devin Holden

Compliance Director, NovaQuest Capital Management

Jackie Jacobs

Chief Compliance Officer & Director of Operations, VSS Capital Partners

John Jacobs

Managing Director, Chief Compliance Officer and Deputy General Counsel, Gryphon Investors

Bruce Karpati

Global Chief Compliance Officer, KKR

Mike Knauss

Managing Director, Legal & Compliance, Chief Compliance Officer – Infrastructure, Blackstone

Nicole Krea

Partner, Ropes & Gray LLP

Kabir Masson

Partner, General Counsel, Quiet Capital

Marc Miele

Head of Fund Operations and CCO, American Family Ventures

Marie Milligan

Chief Compliance Officer, WaterEquity

Sean Murphy

SVP - Chief Compliance Officer and Senior Counsel, EIG Global Energy Partners

Nadir Nurmohamed

Partner & General Counsel, Searchlight Capital

Kelly Pettit

Managing Director, Chief Compliance Officer, Associate General Counsel, General Atlantic

Tom Pierce

Partner, Chief Financial Officer, Chief Compliance Officer, Sorenson Capital

Abrielle Rosenthal

Managing Director, TowerBrook Capital Partners

Jason Scoffield

Chief Compliance Officer, Audax Management Company

Haris Vrahliotis

Compliance Director, TowerBrook Capital Partners

Joel Wattenbarger

Partner, Ropes & Gray LLP

Connect with a community of CFOs, COOs and senior finance executives

The Private Fund Compliance Forum offers a unique opportunity for providers to engage and connect with senior compliance professionals in the private equity sector through thought leadership, networking, and more.

For exclusive sponsorship packages for 2024, contact Josh Stoller at joshua.s@pei.group or call +1 646 970 3923.

2024 Sponsors

Venue

Convene
600 14th Street NW
Washington DC, 20005

View the venue

Traveling from out of town and need a place to stay? Check out some of the hotels near the venue here.

Make essential connections

Be a part of the largest gathering of compliance leaders in the industry. Over two days you’ll build up your book of contacts while discussing solutions to shared challenges with this expansive community.

Last year compliance professionals from 150+ firms discussed everything coming from the SEC and how to best prepare their firm.

See who attended in 2023

Sessions promoting collaboration

think tank

Breakfast meetings and think tanks

Cover critical issues and exchange solutions on curated topics with your peers at our breakfast meetings and GP-only think tanks.

Networking break

Networking breaks

Catch up with your peers to build your network and discuss session takeaways during the many designated networking breaks.

Workshops

More hands-on than a traditional panel, our workshops start with a 25 minute discussion followed by a 40 minute peer-to-peer workshop.

Participants at a glance

“Event was a great opportunity to hear from three important constituents: SEC staff, industry advisors, and peers in the trenches who deal with the same challenges I deal with.

Daniel Gewanter, Kohlberg & Co

“Great networking opportunities, interesting topics, and fabulous guest speakers.

Alexandra Maisel, Sun Capital Partners

2023 attendees included:

Adams Street Partners
Bain Capital Investors
CapitalSouth Partners
FFL Partners
General Atlantic
HarbourVest Partners
JMI Management
KKR
Marlin Equity Partners
Paine SChwartz Partners
Revelation Partners
Siris Capital Group
Thomas H. Lee Partners
U.S. Equity Advisors
Whitehorse Liquidity Partners