The Private Fund’s Guide to Compliance Testing

Can You Prove Your Controls Are Working?

The SEC Will Ask – and So Will LPs

The SEC’s focus on private funds is only intensifying – from expense allocations and valuation to side letters and marketing claims. But here’s the truth: if your testing program is ad hoc or buried in spreadsheets, you’re already behind. 

This guide helps you build a testing process that: 

• Focuses on high-stakes areas like fee transparency, valuation methods, and preferential treatment 
• Documents findings in context – not just for the SEC, but for LPs 
• Connects testing to your annual review, risk assessment, and policy updates 
• Puts you ahead of the PFAR curve – whether or not it’s implemented yet 

You don’t need a large team – you need a structure that lets you lead. And this guide will help you get there.