On August 15, 2025, the SEC Division of Investment Management (Division) issued Accounting and Disclosure Information 2025‑16 (ADI) on registered closed-end funds that invest in private funds (CE‑FOPFs) – most commonly, those are interval funds and tender offer funds. The ADI makes it clear that Division staff will no longer give comments on registration statements for CE‑FOPFs that restrict the funds’ ability to invest more than 15% of their assets in private funds unless they have limited their offers to accredited investors with minimum initial investments of at least $25,000. The changes in the ADI were foreshadowed in remarks delivered by SEC Chair Paul S. Atkins in May 2025 at the Practising Law Institute’s “SEC Speaks in 2025” conference, where he noted the limits imposed by SEC staff since 2002 have resulted in many retail investors missing out on opportunities to invest in CE‑FOPFs. This article outlines the ADI and provides insights from industry experts interviewed by the Private Equity Law Report about its potential impact on the retailization of the private funds industry. For coverage of recent developments under Atkins, see “Assessing the SEC’s Performance During the First Six Months of the Trump Administration” (Aug. 21, 2025); and “SEC Enforcement Action Raises Potential Materiality Threshold for Conflicts of Interest” (Jul. 24, 2025).