Navigate the evolving regulatory landscape of private markets. Understand the shifts in investor protection, transparency, and fiduciary duties to align with new SEC rules.
In order for the capital markets system to continually grow in its transparency, efficiency, and fairness, it needs a combination of free market ingenuity and regulatory protection.
With the meteoric rise and importance of alternative investments in the past decade, did the SEC strike that balance correctly with the new Private Adviser Rule? Directionally, probably yes, but certainly the details are far from perfect, and unintended consequences are inevitable.
With an aim to provide a practical guide for the layman practitioner, we explore the history of light-touch regulation of private funds, highlight the important elements and implications of the rule, and explain why CAIA joined ILPA and many asset owners in submitting an Amicus Brief to the 5th Circuit Court of Appeals defending the spirit of the rule.
Chartered Alternative Investment Analyst Association
CAIA Association is a global network of forward-thinking investment professionals, redefining the future of capital allocation in a world where traditional and alternative investments are converging at an unprecedented pace. United by a commitment to improving investment outcomes, we lead with authority, educate to inspire, and connect people who turn insight into action. CAIA Association creates dynamic and captivating learning experiences designed to engage investment professionals at every level. Its programs – the CAIA Charter and the CAIA.nxt™ platform – offer critical levels of access to a comprehensive curriculum that equips the investment community with the skills and knowledge needed to build modern portfolios. CAIA Association is a global member-driven community of more than 14,000 professionals, united by a shared commitment to improving investment outcomes and building a more aligned, principled capital market system.
CEO, Institutional Limited Partners Association (ILPA)
As CEO for the Institutional Limited Partners Association (ILPA), Jennifer Choi directs the association’s engagement with external industry stakeholders to inform and enhance ILPA’s education, research, membership, and advocacy platforms. Choi also leads the implementation of ILPA’s responses to emerging issues impacting the asset class, including efforts to establish and promote industry best practices. Prior to joining the ILPA, Choi served as Vice President of Industry and External Affairs for the Emerging Markets Private Equity Association (EMPEA), now known as the Global Private Capital Association (GPCA), where she led the association’s member and industry engagement activities, including efforts to encourage policy frameworks that support the growth of the asset class. As EMPEA’s Research Director, she built the industry’s first global database of private equity activity in the emerging markets. A frequent speaker and commentator on the industry, Choi also oversaw the association’s media communications and global institutional partnerships. Previously, Choi was a consultant with Boston-based Stax Inc., leading due diligence engagements and providing advisory services for the U.S. private equity and venture capital industry. Jennifer holds a Master of Arts in Law and Diplomacy from the Fletcher School at Tufts University and a B.A. in Economics and Political Science, summa cum laude, from Augustana College.
Chief Investment Officer at LACERA
Mr. Grabel manages the multibillion-dollar defined benefit pension fund on behalf of LACERA's active and retired members. He also oversees the investments for the LACERA-administered healthcare benefits program. Prior to LACERA, Mr. Grabel was the CIO for New Mexico PERA, where he oversaw the investments for the agency’s $15 billion defined benefit fund and the associated PERA SmartSave deferred compensation plan. Previously, he was a general partner at a private equity firm focused on growth-stage investments in technology, networking industries, and digital communications. Earlier in his career, Mr. Grabel was an investment banker and licensed CPA (inactive). He received his Bachelor of Science in Economics from the Wharton School of the University of Pennsylvania and his MBA from the University of Chicago Booth School of Business.
