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Industry study 19 of 22 · Private Equity Research Companion

ESG, Regulation and Policy

~6,000 words

Scope. The regulatory perimeter around private equity in the US, EU and UK: SEC adviser regulation (the vacated 2023 Private Fund Adviser Rules, Form PF, the Marketing Rule, exam priorities), AIFMD II and SFDR in Europe, antitrust scrutiny of sponsors (2023 Merger Guidelines, HSR form changes, serial roll-ups, interlocking directorates), retail/401(k) access, healthcare and political scrutiny, the carried-interest tax debate, and ESG integration and its backlash.

What the study covers

  1. 1The big picture: three regulatory eras
  2. 2United States — SEC
  3. 3European Union and UK
  4. 4Antitrust scrutiny of private equity
  5. 5Retail and retirement access ("democratisation")
  6. 6The tax debate
  7. 7ESG integration — and the backlash
  8. 8Common pitfalls
  9. 9How an expert thinks about it