In a 3-2 vote on August 23, 2023, the Securities and Exchange Commission (“SEC” or “Commission”) adopted five new rules under the Investment Advisers Act of 1940 (the “Advisers Act”), collectively called the “Private Fund Adviser Rules”. In adopting the rules, the SEC cites the main harms it has observed within the private fund industry as: the opacity of private fund investments, the problems raised by certain conflicts of interests, and the lack of governance mechanisms within private fund structures to address investor oversight.