The San Francisco Office of the SEC has an informal
inquiry into the valuations of private equity funds. IA Watch has received a
copy of the sweep letter from the Division of Enforcement directed to a private
equity fund manager.
Some highlights in the request:
formation and offering...
The SEC has been poking around valuations for a while.
First it was from the chaos of the 2008 financial crisis. The sudden
illiquidity and drop in prices left many scratching their heads about the
proper valuations for their assets.
That was the main charge against the Bear
Stearns hedge fund...