Private Fund Systemic Risk Reporting

The Securities and Exchange Commission (the “SEC”) voted yesterday to adopt Rule 204(b)-1 requiring investment advisers to report information about their private funds on Form PF to the SEC. Initial reports on Form PF will be required in two stages. Private fund advisers with at least $5 billion in assets under management (“AUM”) must file Form PF for the first fiscal quarter (or fiscal year) ending after June 15, 2012. Accordingly, the first filing for hedge fund advisers with at least $5 billion in AUM generally will be required to be made for the quarter ending June 30, 2012 and will be due 60 days thereafter.