Excited to join VC Lab in the accelerator, in my preparation I came across recent policy change at the SEC. Does this impact our proceedings at all? Is this something that is already baked into the curriculum with VC Lab. Feel free to just share a link if you already have something written on the topic.
The new SEC rules will impact new managers. You can learn more about those rules here: https://govclab.com/2023/08/25/sec-private-fund-adviser-reforms/ In summary:
- All side letters will need to be disclosed to other Limited Partners (LP)
- Information made available to one LP should be equally accessible to all LPs
- The SEC now emphasizes that larger conflicts of interest should be approved by all Limited Partners, versus an Limited Partner Advisory Committee (LPAC).