As private funds get more complicated, the SEC finds itself scrutinizing a broader swath of potential misconduct. Some practices, such as charging accelerated monitoring fees, have long drawn the Commission’s ire and should already be on fund managers’ radars. Other practices, such as inadequate disclosures when transferring assets to a continuation fund, are novel areas that are only beginning to result in SEC enforcement efforts. The dichotomy of those targets speaks to the need for fund managers to keep their respective heads on a swivel to diligently monitor existing practices and be mindful of new types of risks. Those are among the improper practices targeted by the SEC in an order (Order) issued against a PE sponsor on September 22, 2023, along with charges of making unauthorized asset transfers between funds; initiating implicit loans between its private funds; and failing to establish and enforce written policies and procedures. This article analyzes the Order, offering practical insights from industry experts and underscoring the consequences for advisers who fail to uphold fiduciary duties. See “ILPA Guidance Promotes Equitable Framework for Continuation Fund Transactions” (Jul. 27, 2023); and “SEC Continues to Scrutinize Accelerated Private Equity Monitoring Fees” (Aug. 23, 2018).