In a recent webinar, Colleen Marencik, director, and Ken Harman, principal consultant, at ACA Compliance Group (ACA), discussed the results of ACA’s 2019 Alternative Fund Manager Compliance Survey applicable to PE, real estate and other illiquid fund managers. This article, the first in a two-part series, covers the portions of the presentation pertaining to recent SEC examination experiences; common code of ethics issues; the use of senior advisers; and fee and expense allocations. The second article will explore annual investor meetings, insider trading controls and common compliance program issues. See our coverage of ACA’s 2018 compliance survey: “SEC Exam Experience and Insider Trading Controls” (Dec. 13, 2018); and “Fees, Expenses and Custody” (Dec. 20, 2018).