SEC Tightens Oversight of Private-Company SPVs
SEC reviews now require advisers to prove SPV ownership of claimed private shares amid SpaceX and Anthropic marketing.
The Securities and Exchange Commission has stepped up scrutiny of special purpose vehicles used to give investors exposure to private companies. Registered investment advisers must now supply evidence that the SPVs they manage actually hold the shares they claim to own.
The reviews involve document requests and, in some cases, on-site interviews. The process can run from several weeks to a year. The activity coincides with heavier marketing of these vehicles ahead of planned SpaceX and Anthropic listings and with a rise in investor complaints.