SEC To Host Private Markets Valuation Roundtable As Retail Access Grows

The SEC will convene industry experts and regulators on March 4 from 1 p.m. to 3 p.m. ET at its Washington headquarters for a two-panel discussion examining the migration of private market asset classes into publicly offered vehicles. The roundtable, hosted by the Division of Investment Management, will be streamed live on the SEC website and feature panelists from major firms including Blackstone, AQR Capital Management, PwC, and Moody's Ratings.

The initiative comes as retail investors gain increasing exposure to alternative investments traditionally reserved for institutional players, blurring the lines between public and private markets. "With retail exposure to alternative investments becoming more common, we want to help everyday investors understand the different valuation approaches used in these products," said Brian Daly, Director of the SEC's Division of Investment Management, who will moderate the first panel.

The first panel, titled "When two worlds collide," will explore opportunities and challenges presented by the convergence of public and private markets for managers, investors, and regulators. Participants include Cliff Asness, Founder and Chief Investment Officer of AQR Capital Management; Katie King of PwC; John Finley, Senior Managing Director and Chief Legal Officer at Blackstone; and Marc Pinto, Managing Director and Global Head of Private Credit at Moody's Ratings.

A second panel on fund governance will examine challenges managers face in delivering private market asset exposure to retail investors, including compliance with Rule 2a-5 and governance best practices. The panel will be moderated by Blair Burnett, Branch Chief of the Investment Company Regulation Office, and Michael Republicano, Assistant Chief Accountant, both from the Division of Investment Management.

The governance panel features practitioners from major advisory firms including Pete Driscoll from PwC, John Mahon from Cleary Gottlieb Steen & Hamilton, Jamila Abston Mayfield from Comply, Bryan Morris from Deloitte, and Blake Nesbitt, Chief Investment Officer at Cliffwater. The discussion will focus on compliance challenges presented by private market asset classes and opportunities for improving fund governance.

The roundtable reflects the SEC's ongoing scrutiny of the growing retail access to alternative investments, as asset managers increasingly offer private market exposure through registered investment vehicles. The agency has been examining valuation practices and investor protection issues as these traditionally illiquid investments become more widely available to non-institutional investors.

Registration is required for in-person attendance, though no registration is needed to view the online webcast. The livestream, agenda, and complete panelist information are available on the SEC's event webpage, providing broad access to the discussions for industry practitioners and interested investors.