SEC Offers Some Guidance on Form PF
The SEC’s Division of Investment Management recently posted answers to frequently asked questions about the new Form PF, which requires information about private funds advised by registered advisers. The staff advises on how to count assets for determining reporting thresholds: include private funds and parallel managed accounts managed by an affiliate that is not separately operated and then subtract managed account assets that are not parallel i.e. to the extent greater than the private fund assets. The FAQs also address internally allocated assets and assets in invested in third party funds.