On June 5, 2024, the United States Court of Appeals for the Fifth Circuit vacated the SEC’s Private Fund Adviser Rule, a regulation that had stirred considerable debate and concern within the private funds industry. This ruling marks a significant shift in the regulatory environment and leaves many private fund advisers wondering what comes next.

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About the authors:
Louis Froelich
Britt Whitesell Biles
Jennifer Erickson Ammirati
Kimberly B. Richmond