The staff of the U.S. Securities and Exchange Commission (SEC) Division of Investment Management provided guidance on August 15 on disclosure expectations for closed-end funds of private funds (CE-FOPFs) that are made available to retail investors while investing more than 15% of fund assets in private funds. [1] The Accounting and Disclosure Information 2025-16 (ADI), titled “Registered Closed-End Funds of Private Funds,” follows the SEC’s lifting of the longstanding limitation restricting registered closed-end funds that are sold to retail investors from investing more than 15% of fund assets in underlying private funds, opening the door for registered funds of private funds to be offered more broadly to true retail investors.[2]
