Private funds were a major focus of the SEC’s enforcement and rulemaking programs in 2022, and we expect 2023 to be even more active. One legacy of 2022 will be the market turbulence that affected both traditional and new investment products, which can be expected to heighten the SEC’s resolve to regulate private funds more heavily in 2023. When this ambitious regulatory agenda is combined with an already heavy enforcement and examination focus on private funds, 2023 is likely to see private fund managers continue to attract a disproportionate amount of the SEC’s attention.