US SEC Tightens Oversight of SPVs Used for Private Company Investments

The US Securities and Exchange Commission (SEC) has intensified its scrutiny of special purpose vehicles (SPVs). Examiners are requiring registered investment advisers to provide proof that their SPVs actually hold the private company shares they claim. This regulatory move follows increased marketing efforts by funds ahead of anticipated IPOs for companies like SpaceX and Anthropic, alongside a rise in investor complaints. The review process may involve document requests and on-site interviews, lasting from several weeks to a year.