The SEC’s increased vigilance has ushered in a new era of heightened scrutiny. This intensified focus is particularly evident in the SEC’s recent uptick in enforcement actions, with a specific emphasis on the typically stable arena of fees and expenses. To assist in navigating these complex regulatory issues, Strafford CLE Webinars recently hosted a program examining the SEC’s increased focus on PE funds. The panel featured Willkie Farr & Gallagher partner Adam Aderton, Goulston & Storrs counsel Jaclyn Grodin and Ropes & Gray partner Nicole Krea. The experts examined developments in the SEC’s oversight of PE funds, notable enforcement actions and best practices to minimize private fund advisers’ exposure to SEC criticism. This second article in a two‑part series analyzes various SEC enforcement actions and their impact on PE. It discusses the panel’s views on transparent disclosure, adherence to governing documents and investor due diligence as best practices for PE sponsors to minimize SEC scrutiny. The first article emphasized conflicts of interest and potential shortcomings in fee and expense disclosures within the PE sector. For further insights from Aderton, see our two-part series on the SEC’s FY 2022 Enforcement Review: “A Year of Compliance Sanctions and Warnings for Fund Managers“ (Jan. 12, 2023); and “Lessons When Preparing for 2023 and Exam Trends to Monitor“ (Jan. 26, 2023).