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A fund primarily engaged in investing or trading in securities must register under the Investment Company Act, unless it falls under an exception to the definition of investment company.

Distribution waterfalls are ubiquitous in the private investment world. They determine participation in cash flows or profits that is not in proportion to invested capital.

On February 9, 2022, the Securities and Exchange Commission (“SEC”) proposed new rules under the Investment Advisers Act of 1940 (“IAA”) to regulate advisers to private funds.