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Implementing the New Private Fund Adviser Rules

February 14, 2024 from 2:00 PM to 3:00 PM (ET)

Join an expert panel to understand the significant new private fund adviser rules adopted by the SEC in August 2023. The speakers will provide practical guidance on implementation considerations and new disclosures for the new rules. Plan for compliance by September 14, 2024, or March 14, 2025, depending on the rule and the adviser’s private fund assets under management. Our panel includes Melissa Gainor, Nick Hemmingsen, Alpa Patel, Josh Westerholm, Partners at Kirkland and Ellis LLP, and Monique Botkin, Associate General Counsel, IAA.

Learn about implementing the new requirements for:

  1. Quarterly statement reporting for liquid and illiquid funds, including disclosures
  2. Preferential treatment rule, including material negative effects and disclosures
  3. Restricted activities rule, including written consent for certain fees/expenses, disclosures, and clawbacks
  4. Private fund financial statement audit rule, in compliance with the current custody rule
  5. Adviser-led secondaries rule, including fairness or valuation opinion
  6. SEC interpretations on limiting or eliminating liability
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CLE Credit:

IAA has applied for CLE accreditation in CA, GA, IL, and TX.

NH: The provider believes this course meets the requirement of NH Supreme Court Rule 53.

NY: Under New York’s Approved Jurisdiction policy, New York attorneys may claim credit earned through participation in out-of-state courses accredited by a New York Approved Jurisdiction. Illinois is an approved jurisdiction. More information is available on the NY State Bar website.


NRS/Comply IACCP: 

This webinar qualifies for 1 hour of general IACCP CE credit.

If you have questions about this webinar or need help registering, please contact Lisa Gillette at

Webinar Speakers

Melissa Gainor is an investment funds partner in the Washington, D.C., office of Kirkland & Ellis LLP. Prior to joining Kirkland, she led the SEC’s Division of Investment Management Investment Adviser Regulation Office. In this role, she oversaw all rulemaking affecting registered investment advisers and led initiatives to modernize rules for investment adviser marketing, ETFs, and fund of funds arrangements. She also worked closely with the Divisions of Examinations and Enforcement on interpretative matters regarding the application of the securities laws to all types of investment advisers. Prior to joining the SEC, she was in private practice where she served as counsel to investment advisers, investment companies, and boards of directors.

Nick Hemmingsen is a partner in the Investment Funds Practice Group at Kirkland & Ellis LLP, where he represents a wide range of asset managers and other financial services businesses on a variety of transactional and regulatory matters. Hemmingsen also advises clients on complex business transactions involving asset managers and other regulated financial services businesses. In addition, he represents investment advisers on matters related to formation, structuring and governance, as well as registration with the SEC and ongoing compliance with federal securities laws and SEC regulations, and also regularly advises clients with respect to investment company status issues under the Investment Company Act of 1940.

Alpa Patel is a partner in the Investment Funds Regulatory Solutions Group of Kirkland & Ellis LLP, where she focuses on counseling U.S. and non-U.S. investment advisers regarding the complex regulatory framework in which they operate. Patel counsels some of the largest, most sophisticated asset management firms on issues related to the registration, structure, and operations of their advisory businesses and navigating complex SEC examinations and enforcement investigations. Previously, she was branch chief of the Private Funds Branch of the Investment Adviser Regulation Office in the SEC’s Division of Investment Management, where she was a key adviser on private fund-related projects and priorities.

Josh Westerholm is a partner of Kirkland & Ellis LLP, where he is a leader in the regulatory practice within the Investment Funds Group. Westerholm was a core member of a Kirkland regulatory practice that registered more than 100 private fund sponsors as investment advisers in 2011-2012 following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. He has also defended clients in more than 80 regulatory exams and inquiries, including those from the SEC, CFTC, FINRA, and NFA.

Monique S. Botkin (Moderator) is associate general counsel of the IAA. Prior to joining the IAA in 2004, she was an associate in the financial services groups at Dechert LLP in Newport Beach, California, and Alston & Bird LLP in Washington, DC. While in private practice, Botkin represented investment advisers, registered investment companies, private funds, and broker-dealers in corporate, securities and investment management matters. Botkin also served as an attorney in the SEC’s Division of Investment Management disclosure review office from 2013 to 2014. She earned her B.A. in government and politics from the University of Maryland at College Park and her J.D., cum laude, from Southwestern University School of Law in Los Angeles, where she was an editor of the Law Review.

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