National Association of Private Fund Managers Statement on Litigation Related to SEC's Private Fund Adviser Rules

FORT WORTH, Texas, Sept. 1, 2023 /PRNewswire/ -- The National Association of Private Fund Managers ("NAPFM") today issued the following statement regarding its participation in the litigation brought against the United States Securities and Exchange Commission ("SEC") related to the recently approved Private Fund Adviser rules:

"NAPFM believes it is important to join this litigation challenging the SEC's newly-adopted Private Fund Adviser rules.  These rules will lead to higher costs and fewer choices for fund investors, ultimately limiting the ability of pension funds, endowments, and other institutions to obtain investment returns for their beneficiaries. We believe the rules are a blatant overreach of the SEC's statutory authority and violate the Administrative Procedure Act, and we are committed to pursuing this case to prevent these unnecessary and damaging rules from taking effect."

About the National Association of Private Fund Managers

The National Association of Private Fund Managers is a non-profit organization whose members include investment advisers in the private fund management industry. NAPFM was founded for, among other things, providing education to its members and representing their legal and economic interests before the government and in the courts. As part of this mission, NAPFM has submitted comments on behalf of its members in rulemaking proceedings and participated as amicus curiae in Federal court. NAPFM represents firms with total net assets under management of over $600 billion as of July 2023.

SOURCE National Association of Private Fund Managers