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The regulator stepped up examinations of special purpose vehicles after a rise in investor complaints and a marketing push tied to SpaceX and Anthropic IPOs
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The SEC has intensified its scrutiny of firms selling special purpose vehicles that claim to give investors exposure to shares in private companies, according to the Wall Street Journal.
SEC examiners have been requesting that registered investment advisers produce records confirming their SPVs genuinely hold, or are otherwise exposed to, shares of the private companies being marketed to investors. The examinations can involve document requests and in some cases an in-person component, and can run from several weeks to a year, according to the Journal.
