Private Funds 2023: The Year in Brief

2023 was a watershed year for the private fund industry, not only because the US Securities and Exchange Commission (SEC) adopted a package of new regulations that will substantially alter the private fund landscape (subject to pending litigation), but also as a result of significant court decisions and other legislative developments. These developments took place against the backdrop of an increasingly globalized market that saw growing investor demand for everything from private credit to cryptocurrencies—all in evermore customized products and structures.

Meanwhile, various states enacted a variety of new laws that made for a continuously moving target of new disclosure requirements and regulations to employment and corporate practices. Here is a quick lookback at last year’s important legal developments that affected the private fund space.