On 18 March 2024, the National Association of Private Fund Managers, Alternative Investment Management Association, Limited and Managed Funds Association.
A "private fund" is an investment vehicle that is not required to be registered or regulated as an investment company under the Investment Company Act of 1940 (the ICA).
On Friday, September 1, 2023, a lawsuit was filed with the federal Court of Appeals in the Fifth Circuit challenging the validity and enforceability of the recently adopted Private Fund Adviser Rules.