Over the last several years, the SEC issued multiple rounds of amendments to Form PF that iteratively expanded the reporting obligations of, and corresponding compliance burden on, fund managers. Together with the CFTC, the SEC has sought to stem that tide by issuing a set of proposed amendments (Proposal) that would, if adopted as written, reduce the number of advisers required to file Form PF and, for those still obligated to file, the number of reporting requirements therein. When considered in their totality, the revisions in the Proposal have the most significant impact on the reporting obligations of hedge fund managers. A number of changes specifically impact PE and other closed-end fund managers, however, including eliminating the PE fund quarterly reporting requirement and requesting comments from the industry about whether to include information reporting for private credit funds. This second article in a two-part series provides detailed consideration of the Form PF revisions that are most applicable to PE sponsors, with a focus on the Proposal’s practical implications for sponsors’ day-to-day operations. The first article offered a high-level overview of the various changes to Form PF outlined in the Proposal, along with analysis from legal experts abouts its potential impact on the private funds industry. See “Division of Investment Management Staff Discuss Staffing, Operations, Rulemaking and Other Developments” (Oct. 16, 2025).