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Five SEC priorities for private funds

01.10.2022 | Duration: 13:43

Listen as Matt Giordano and Igor Rozenblit, share five SEC private fund priorities in the coming year.

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Podcast overview

In a recent speech to the Institutional Limited Partners Association, United States Securities and Exchange Commission (SEC) Chair Gensler outlined five priorities for private funds:

  1. Fees and expenses transparency
  2. Side letters transparency
  3. Performance metrics
  4. Fiduciary duties and conflicts of interest
  5. Form PF updates

Listen as Matt Giordano, deputy practice leader for the KPMG Public Investment Management Practice, and Igor Rozenblit, Founder of Iron Road Partners, discuss how this could potentially impact the industry.

Talking Asset Management with KPMG

Meet our podcast host

Image of Matt Giordano
Matt Giordano
Deputy Lead Partner - Public Investment Management, KPMG US
Image of Igor Rozenblit
Igor Rozenblit
Managing Partner, Iron Road Partners
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Image of Igor Rozenblit

Igor Rozenblit

Managing Partner, Iron Road Partners

Igor is a leading expert in financial regulation who helped shape the U.S. Securities and Exchange Commission’s regulatory approach to the private capital markets. Igor focuses on helping clients successfully navigate a broad range of challenges stemming from regulatory examinations, investigations, litigation, disputes and other crisis scenarios. Igor’s unique combination of investing experience, due diligence expertise and decade of service as the SEC’s primary private markets expert allows him to provide insightful and practical guidance to clients grappling with complex regulatory and operational issues.

While at the SEC he held various leadership positions including, Fellow in the Division of Enforcement’s Asset Management Unit, founder and co-head of the Division of Examinations’ Private Funds Unit and co-lead for the agency’s inter-divisional Private Fund Specialized Working Group. 

Igor completed and supervised more than 250 examinations and dozens of enforcement investigations resulting in many seminal enforcement actions. His significant docket of cases, investigations and examinations included issues related to breaches of fiduciary duty, violations of the Investment Advisers Act’s anti-fraud provisions, valuation, fee and expense allocation, fund restructurings, stapled secondary transactions, manipulated auctions, insourcing, real estate/real assets issues, carried interest calculations, co-investment policies, private credit conflicts, related party transactions, cap table manipulation, structured products, ESG, Business Development Companies and Real Estate Investment Trusts. 

Igor trained SEC staffers, including examiners, investigators and rule makers on the private markets and provided training outside the agency including to FBI agents, IRS agents, prosecutors from the Department of Justice and examiners from the Small Business Administration.

Before joining the SEC, Igor held various senior investment roles. He headed the North American private market investment activities for Amundi Asset Management where he invested in and performed due diligence on hundreds of private equity investment managers. Before Amundi, Igor was a private equity investment professional completing equity, debt and structured investments in healthcare and industrial companies.

Igor holds a Master of Business Administration with Honors from the University of Chicago’s Booth School of Business and a Bachelor of Science in Computer Science from the University of Michigan. He is a frequent speaker at industry conferences including the Practicing Law Institute, SuperReturns, Private Equity International, Pension Bridge, GAIM Ops, Managed Fund Association, Association of Corporate Growth, SIFMA and the Investment Adviser Association.

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